End of Year Reminders

I know you would rather put your feet up and enjoy the holiday's, but get this done so that you will have less stress in your business and less stress in getting ready for your tax return:

1. Write down the odometer reading on the vehicles you use for business. It is important to know what percent you are using the vehicle for business and the amount for personal. You should have a mileage log that includes date, odometer start and stop, and business purpose. Even if you just write down your odometer once a year, you’ll know how many total miles you drove for the year.
2. If you carry inventory, you are required to do a count once a year showing the value of the product.
3. Collect any W-9’s from vendors. Verify if you paid anyone over $600 for services that will require a 1099. Call the IRS to get FREE forms: 1-800-829-3676 (will take 2 weeks). See our newsletter early next month for more details on 1099s.
4. Back up data from the computer. Double check the back ups are copying correctly.
5. If you have payroll, verify if your EDD employment rate has changed for the upcoming year. You should have received a letter with the percentage in early December.
6. Copy thermal receipts. Many receipts that you get from office supply stores, gas, etc., are on thermal paper. The image will fade over time. Make a copy of the receipt because if you are audited, the IRS will want to see the details, not the credit card statement.
7. Verify when corporate minutes will be due for the coming year and mark the calendar.
8. Review your business plan and make any necessary changes. What do you project your gross revenue to be for 2018? How will that compare with 2017? What will you do to increase your profits for the upcoming year?
9. Set closing date and password on QuickBooks file.