Although April 18, 2017 has come and gone, it’s a great time to go through a Summer Tax Checklist to keep you and your small business on track. Here are four things you can do to have a productive summer and prepare for a smooth tax season next year.
A great place to start your summer checklist is to evaluate your current business situation. It’s helpful to think of things you have control over, such as your business procedures and processes and how and where you spend money. Here are some specific items you can think about:
Summer is the perfect time to reflect on the first half of the year and think about what could be done during the second half. Forecasting the rest of the year can help you cut waste within your organization and prepare for a prosperous future. Consider the following when forecasting for your business:
Accurately and honestly evaluating expenses and income sources will give you a good view of your current financial situation. When you know how much income is coming in and what expenses are going out, you can accurately plan a budget for the rest of the year. Large business purchases and investments in your employees have their advantages come tax season.
RELATED: How To Prepare for a Small Business Audit
We don’t need to tell you how important it is to save for retirement and your future; however, we do want to tell you how beneficial it can be for your current financial situation. When you contribute to a retirement account, you lower your current taxable income, potentially reducing what you need to pay in taxes each year.
There are several different types of retirement accounts, and each has its own benefits, drawbacks, and rules. A tax professional can help you determine which account type is best for you and your business and how much you should contribute each year to the account in order to maximize its benefits.
Set up a mid-year business check-in with a certified tax professional to evaluate the health and status of your business. Some things you could discuss include:
The four suggestions listed above can help keep your small business on track and organized. If you have past-due taxes or need assistance navigating IRS compliance, contact S.H. Block Tax Services for a free consultation at (410) 872-8376 or completing the brief form on this page. We are committed to achieving the best possible financial positioning for you and your business.
Contact us today to start the process!
The content provided here is for informational purposes only and should not be construed as legal advice on any subject. Please read our full disclaimer here.
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