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How to Prepare and Breeze through Tax time

Winter is fast approaching, and with it, the holiday season and the New Year! This is the time of year that you wish to focus on yourself, your family, and your friends. 

Yet, as a small business owner, you may feel buried and overwhelmed! It’s time to start closing the current business year. And you may want your tasks and projects completed so that you can start the new year with positive energy, high hopes, and a fresh slate.

Let’s first address the elephant in the room. 

Getting your financials compiled for your tax filing requirements! 

You know that it would be easier to keep your financials current throughout the year. It would help you make sound financial decisions and make tax time easier. But all too often, they get pushed to the back burner. 

And now it’s time to get caught up. By bringing your bookkeeping current before the holidays, you’ll help yourself and your tax prepare (if you have one) when tax time rolls around.

The following list is an excellent place to begin.

  • Income and Accounts Receivable 
  • Expenses and Accounts Payable
  • Year-End Balances, Statements, and Reports
  • Assets and Inventory Listing
  • Loan and Grant Paperwork
  • Losses and Insurance Claims
  • Paperwork, Filing, and Backing Up Systems

This step-by-step process will guide you through closing out your business year with ease. When you start early and tackling one section at a time, these tasks are straightforward and manageable. Start today, and by year-end, you can sit back and enjoy time with your family and friends. 

For next year, the more you can plan and complete these tasks throughout the year, the quicker and easier it will be when December rolls around.

At SpireBusiness.com, we are a dedicated team of experts to help you understand and organize your money and finances, enabling you to close your books a breeze at year-end.

Our best wishes to you and your family for a safe, healthy winter and a wonderful New Year!

 

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