Year-End Small-Business Tax Preparation in Fort Collins – Tally Services

Another year is about to come to a close. That means it’s time for small businesses to wrap up their 2019 accounting and books and prepare for the New Year. At Tally Services, we have the advice to help you get ready for year-end small-business tax preparation in Fort Collins. 

It’s time to report on your business’s financial standing to owners and shareholders, and get ready to begin another year. The year’s end is a great time for small-business owners to plan for a successful new year and prepare for tax season. Year-end checklists for small businesses usually include tasks such as:

1. Looking for Tax Breaks – Spend some time doing research to see if there are any tax breaks you should take advantage of this year (for example, car expenses, employee wages, accounting fees, and more).

2. Making Sure Your Books Are in Order – At the end of every year, it’s important to check all of your accounts. You need to make sure nothing is incomplete or out of order before you do your taxes. Having clean, up-to-date, and organized books will help you be better prepared for your year-end tasks. 

3. Reviewing Your Reports – Looking at your reports can help you see how you did financially this year. This information can help you set goals for the future and ensure that your books are accurate. Some indicators that are relevant for your business are your income statement, your balance sheet, and your cash flow. These will all help you get an idea of the financial health of your business to prepare for next year. 

4. Invoicing – It’s important to look over your invoices for the year to make sure you have paid your outstanding invoices and collected on any outstanding accounts receivable. If you have unpaid invoices and need some help, check out these seven tips. Tally Services can help you create systems and practices that will ensure that your invoices are paid on time.

5. Preparing Payroll Taxes, W-2s, and 1099s – These are all a crucial part of small business tax preparation in Fort Collins. You must collect, pay, and send all W-2s and 1099s to your employees so they can prepare to file personal taxes. 

6. Setting Goals – Setting yearly goals for your business is just as important as setting goals for yourself. Your goals for your business could be to increase sales or the number of clients you have. Maybe you want to create more opportunities for your employees in order to retain them. No matter what you decide, goals for your small business are an important part of making 2020 a success. 

7. Starting Your Taxes – Finally, you must start working on your taxes. Once your books are in order and you have pulled your reports to see where you are financially, it’s a good idea to get started on your tax documents. The sooner you do it, the more time you have to get everything in order.

If you are stressing about year-end to-do lists, Tally Services is your helping hand for small-business tax preparation in Fort Collins for 2020. We are here to make sure your books and accounting are in top shape to prepare for tax season. We are a full-service bookkeeping and accounting firm that offers practical and affordable solutions for your small business. Contact us to learn more about how we can help you make the best decisions for your business this year!