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.