Hey there, small business owner!
The year is flying by, isn’t it? While you’re busy juggling orders, managing employees, and chasing those big dreams, it’s easy for those pesky taxes to slip your mind. But guess what? Mid-year is the perfect time to give your taxes-related finances a quick check-up.
Think of it like taking your car in for a tune-up. It might not be the most exciting thing, but it’s crucial for preventing major issues down the road. And trust me, a little tax maintenance now can save you a major headache come tax season.
So, what should you be looking at?
- Year-to-date income and expenses: Review your financial statements. Are your sales where you expected them to be? Have any unexpected expenses popped up? Knowing these numbers is crucial for making informed decisions about your business.
- Potential deductions: Are you taking advantage of all the tax deductions available to you? From home office expenses to mileage, there are likely deductions you’re missing out on.
- Estimated taxes: If you’re self-employed or your business is structured as a partnership or S corporation, you’ll need to make estimated tax payments throughout the year. A mid-year check-in can help you make sure your payments are on track.
Why does this matter?
Reviewing your finances mid-year gives you a chance to make adjustments before it’s too late. Maybe you need to increase your estimated tax payments or cut back on spending. Or maybe you realize you’re due for a refund! Either way, it’s better to know now than to be surprised next April.
We’re here to help!
