• Eric Anderson, CEO/Owner

Ask Anderson 1.16.2020: Year End Checklist for Business Owners

Updated: Jan 23

Continuing with our "Ask Anderson" series, here's an article with information for business owners...

With the beginning of 2020 here with us, it is important to get everything for the 2019 together, so won’t you feel panicked and stressed as we approach tax time.. Here is a checklist that you could use to make sure you are on top of what is going on in your business.

Go Over Last Year’s Goals


Pull out your notes on what your goals were for your business this year. Did you reach your target numbers? What changes need to made so that you reach your goals for 2020? In other words, what would you do differently this year to help you keep track of your new goals for 2020 to make sure you hit them?


Get Your Finances in Order

Do you do your own accounting, or do you have an accountant or bookkeeper? In either case, you should set up an appointment with an accountant to go over your finances to make sure your financial statements are in order. The three main statements that you should have prepared for the end of the year are…

The Balance Sheet

The Income Statement

The Cash Flow Statement

Having these statements balanced and prepared with make it much easier for you and your business when you do your tax returns.

Tax Planning

Look at your business and investigate if it is the right type of structure for the best tax strategies. Set up an appointment with an accountant or tax professional to get help with questions,

such as determining whether you should turn your business into a Corporation and how other tax strategies that you might not be doing now that can save you money on your tax

return.

Start Setting Next Year’s Goals


It is the perfect time to start thinking about your goals for next year. Prepare action plans that you want to use to help you reach those goals. Think about getting an accountability partner or hiring a business coach if you need some to help push you if you need it.

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CONTACT US

 Eric T. Anderson, Owner/CEO​

Tel: 512-626-7545

Eric.Anderson@andersontaxes.com

Anderson Financial Consulting LLC
17017 John Michael Drive
Manor, TX 78653

United States
 

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