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If you haven’t already now is the time to get prepared for your year end. Tax planning will not be an option for your business if you haven’t been keeping up with your bookkeeping. Your CPA or tax preparer needs time to review your financial information in order to help you with decisions that will need to be acted on before the end of the year. Should you purchase equipment now to reduce your tax bill? Are there expenses you will be paying for in January that might be better paid in December? These are just two of the issues your accountant will review with you.
Also if you meet with your accountant soon you will have the knowledge to pre-plan tax payments. It is always better to know in advance an estimate of your tax liability.
However, if you have been procrastinating getting everything in order, don’t delay. It is not too late. Start today. Remember you don’t have to do it all by yourself. There are excellent bookkeepers available to help you and the small amount of money you spend on outsourcing your bookkeeping will save you at tax preparation time.