904-860-1016 | mkwcpa@comcast.net

Schedule your free consultation today
  • Home
  • Tax
    • Tax Preparation and Planning
    • Tax Resolution
    • Help with Your IRS Audit
    • Filing Prior Years Return
    • Owing the IRS Money
    • Behind on Payroll Taxes
    • When Your Spouse Owes the IRS
  • Accounting
    • Accounting Services
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Cash Flow Forecast
    • Cloud Accounting
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Mobile Accounting
  • Blog
  • About us
  • Contact
  • Home
  • Tax
    • Tax Preparation and Planning
    • Tax Resolution
    • Help with Your IRS Audit
    • Filing Prior Years Return
    • Owing the IRS Money
    • Behind on Payroll Taxes
    • When Your Spouse Owes the IRS
  • Accounting
    • Accounting Services
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Cash Flow Forecast
    • Cloud Accounting
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Mobile Accounting
  • Blog
  • About us
  • Contact

Get Ahead on Year-End Tasks

December 7, 2017 In Business Tips, Tax
Tweet
Share
Share
Pin

Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here are a couple of tips to make year-end go smoother.

Cleaning up

Things will go a lot smoother if you reach out to your vendors and employees and get their help to update your records.

  • Send a notice to all employees, asking them to verify their address so they will get their W-2s without delay.
  • Make sure you have the right information for vendors that you need to produce a 1099 for. Before you pay your vendors more than $600 in one year, ask them for a W-9 so that you have a current address and taxpayer ID number on file.
  • Check to make sure you have any sales tax exemption certificates from vendors that you are not charging sales tax to.

It’s also time to clean up any account balances that need to be reclassified or corrected.

  • Any clearing accounts, such as undeposited funds, should be zero.
  • Bank reconciliations should be caught up and book balances should match the bank or be explained.
  • Inventory should be adjusted to reflect accurate quantities.
  • Loan balances should be adjusted to correctly reflect interest and principal allocations.
  • Depreciation entries should be made.

Maximizing deductions

Here are a just a few ways to maximize deductions:

  • Any bad debts that aren’t expected to be collected can be written off.
  • Any inventory that is not saleable or worth less than you paid for it can be adjusted on your books.
  • For cash basis taxpayers, pay any large bills before year-end if you have excess profits.
  • Pay employee bonuses prior to year-end.

Getting organized

Create a place in your home or office or a special file on your computer to store tax-related documents, such as W-2s, brokerage statements, and tax returns. Convert them to PDF format if they are not already, and upload them to your accountant’s secure client portal as you get them.

With all this great preparation, you’ll find tax season easier than ever and a chore that you can mark off your to-do list early.

 

Tweet
Share
Share
Pin

Monthly Archives

Categories

  • Accounting (24)
  • Accounting Software (2)
  • Blog (6)
  • Bookkeeping (1)
  • Bookkeeping Tips (4)
  • Business Development (13)
  • Business Growth (6)
  • Business Tips (53)
  • Cool Tech Tools (12)
  • Customer Service Tips (5)
  • Decision-Making Tips (3)
  • Expense Reduction Tips (1)
  • Management Tips (8)
  • Payroll Tips (3)
  • Profitability Tips (10)
  • Tax (36)
  • Tax Tips (17)
  • Time Management Tips (4)
  • Uncategorized (1)

Sitemap

  • Home
  • Tax
  • Accounting
  • Industries
  • Resources
  • Blog
  • About Us
  • Contact

Contact Us

Tax Resolution services

IRS Tax Relief Pros

7563 Philips Hwy
Bldg 200 Ste 206
Jacksonville, Florida 32217
United States

904-860-1016 | mkwcpa@comcast.net

Client Portal Login

Schedule your free consultation today

Copyright Sandra L. Leyva, Inc. 2022 | Professional Site Design by Accelerator Websites | Powered By ThriveFuel