Small Business Year-End Planning Should Start NOW!
October means falling leaves, sweater weather and year-end financial and tax planning!
While the end of the year may seem a long time away, now is the time that small businesses should be addressing what they need to do BEFORE the end of 2021 to avoid paying too much or too little in 2021 taxes, and to get prepared for 2022.
To move into January with good, clean accounting information, now’s the time to drill down on your accounting and finance data and records. Review EVERYTHING and find out what’s missing, what’s miscoded and what’s flat-out incorrect. Gather all your accounting information and schedule an end-of-the-year check-in with your finance department (if you have one) and then your CPA. But don’t wait to the end of the year to meet. You’ll need some time to handle last minute action items that can help reduce your tax liability and/or comply with 2021 tax laws.
To help, PBO Advisory Group has put together this Year-End Financial Checklist to help businesses be ready to greet the new year
Click here to download a PDF version.
While it may be easy to compact year-end tax planning into a list of things to do, PBO Advisory Group realizes that completing this list can be difficult, time consuming, and frustrating. Our team is ready to help with any/all of the above tasks and more. Please contact us.