| Catch-up bookkeeping (sometimes misspelled book | | | | equipment, and pre-pay bills and subscriptions if |
| keeping or bookeeping) isn't easy but there are some | | | | possible. |
| points you might want to remember. Year-end financial | | | | 3. Write-off Inventory: You may wish to check your |
| statements and tax preparation are the most | | | | stock for damages or obsolete items in case there is |
| important reports of year, so more time and effort is | | | | a drop in market value. |
| needed to make sure they correctly reflect accurate | | | | 4. Retirement Planning: Year-end retirement payments |
| information. | | | | can reduce your income resulting in less taxes. |
| Year-End Accounting Checklist | | | | Best Tip for a Success Year-end: |
| * Balance your general ledger to your bank statement | | | | Consult with a reliable accountant or bookkeeper |
| * Write off worthless accounts receivables | | | | (sometimes misspelled book keeper or bookkeeper) |
| * Verify that your business inventory is correctly | | | | early in the year. There is no such thing as cutting |
| stated (if applicable) | | | | corners, because there are many credits, deductions |
| * Review your list of assets | | | | and other items that need to be considered. A |
| * Be sure that all payables are recorded | | | | seasoned tax professional will keep up on the |
| Four Year-end Business Tax Tips | | | | changes and know the ins and outs that can make an |
| 1. Income Deferral: If possible, defer payment until early | | | | incredible difference in your year-end financial |
| January. Payments received in January (rather than | | | | statements and tax-preparation. |
| December) will not be subject to taxation until April of | | | | (Information included in this article may not apply to |
| the following year. | | | | your particular scenario and should not be deemed |
| 2. Increase Expenses: Make major purchases in the | | | | accurate. Only a qualified professional can give you |
| previous year. Stock up on office supplies, office | | | | proper advice for your business. |