Episode 15: Have You Set Your Business Straight for 2024?

Optimize Your Business for 2024: A Year-End Checklist

A strong start to the new year sets your business up for success, especially when tax season arrives. Here are key actions to consider before 2024:

  • Streamline Bookkeeping: Ditch the spreadsheets! Implement bookkeeping software or hire a professional bookkeeper. Software offers improved organization and compliance, while a professional saves time and ensures accuracy.
  • Explore Corporation Options: Discuss the optimal business structure with your tax advisor. Analyzing your profit and loss statement can help identify potential savings and determine if forming a corporation is beneficial.
  • Budget for Success: Create a realistic budget based on your previous year’s spending patterns. This helps manage expenses and track your financial goals.
  • Prioritize Security: Update your credit card information annually to minimize the risk of fraud.
  • Gather Tax Documents: Collect 1099s (for payments exceeding $600 to non-corporations) and W-9s (from independent contractors) by year-end or early January. This ensures accurate tax filing.
  • Simplify Payroll: Streamline your payroll process by ensuring all payroll information is current and readily available.

By tackling these tasks proactively, you’ll enter 2024 with a well-organized and efficient business, ready to thrive.

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