“Twas the night before Christmas, and all through the house, not a creature was stirring, not even a mouse. The stockings were hung by the chimney with care, in hopes that St. Nicholas soon would be there.”
If you are in business, St. Nicholas is not the person you need to be expecting at year-end! You might expect to see someone from the IRS or Department of Revenue looking at your annual tax and business requirements for 2018.
In anticipation of what will affect your business into the New Year, there are a number of important items to check off your list before year-end. It is not too late to take an inventory of items.
Have all of your business minutes and required resolutions been updated to reflect actions taken during 2018?
Have you taken advantage of all tax deductions and credits that could help your business’ bottom line especially during a year when new tax laws have been enacted?
Have all your quarterly and employment returns been filed and necessary taxes paid?
Have you been able to maximize your contributions and your company’s contributions to your retirement account?
Have you prepared a plan of action for capital and other expenditures for 2019?
Have you reviewed your insurance coverages for the new year?
Each year it is common for us to receive calls from clients requesting updated minutes or necessary resolutions to confirm actions taken but not documented because of an audit. It is also very common to have clients indicate to us that they were unaware of certain deductions or other tax requirements that should have been addressed during the prior year. Remember at this time of year a visit with your accountant is critical.
Our firm has the necessary expertise and commitment to make your year-end planning and 2019 planning a successful endeavor.