With the holiday season just around the corner, it’s a perfect time to get your financial records in order. Tax moves you make now can mean finding more “green” to spend on family gifts and festivities. Here are five quick tips for you to feel more prepared about your financial status as you go into year-end.
This time of year is ideal to double-check your tax payments to make sure enough has been paid in, and even more important, to avoid overpaying so your money is not tied up unnecessarily. If you’re not sure of your 2016 tax liability, check with your tax preparer.
Rather than wait until the busiest time of year for accountants and bookkeepers, you can get a head start now on catching up your books. You’ll have more of their attention and you may even avoid a rate increase if you get your books done early. Completed bank reconciliations are a very important part of catching up.
It’s not too early to get your orders in for the forms you need at year-end like your W-2s, W-3s, 1099s and 1096s. That way, your forms will be on-site when you’re ready.
Information that’s missing at the last minute can take up extra time and be costly. It’s a great idea to do an audit now of W-9s, to grab missing addresses and tax ID numbers of your contractors. Also do a scrub of your employee payroll records so your W-2s will be complete and accurate.
New Tax Changes
Be sure to check with your advisors on new laws affecting individuals and businesses next year. One of the biggest ones making news is avoiding the fine involved regarding the new health care requirements for individuals. And there are many more you’ll want to get up to speed on so you’ll know how they affect your situation.
I know it’s early to be talking about taxes, but I am also all about saving you money and time. Try these five tips so you’ll have better peace of mind and be more prepared for year-end.