Year-end is Coming Fast: Are You Ready?

On November 17th, 2011, posted in: Accounting by 0 Comment

It’s hard to believe that there is only a little more than 6 weeks left in 2011, but it’s true. If you haven’t looked at how your business activities in 2011 will impact your income tax situation, now is the time. Since some tax strategies can only be implemented before year-end, November is the perfect time to meet with your CPA for tax planning.

The best way to make sure you don’t pay more taxes than necessary is to have a review and put a final strategy in place. Are there purchases you want to make before year-end? Do you have receivables you want to make a final effort to collect before you decide to write them off? Of course, your accounting records should be up-to-date to have the most complete information. Let us know if you need help with that.

Don’t forget to send a W9 form to any new service vendor, attorney, or landlord that your business used this year. You’ll need that information for 1099 forms that must be mailed by January 31st.

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