Now that 2021 is over, what does this mean for your small business? and what your business goals?
While many people focus on celebrations and new year’s resolution this time of year, small business owners also need to focus on year-end business planning. This includes both preparing for the new year, AND taking reflection of 2021!
But because the end of the year is so hectic, it’s not always easy to keep up with all the end-of-year tax preparations you should be doing to wind down 2021 and plan for 2022. We have put together a checklist to help with this process!
Gather all the documents you can find in your business.
- Bank statements (12) for each account -to calculate income
- Receipts associated with the business expenses – Expenses
- Receipts of your contributions/distributions to the business
- Loan, line of credit or lease agreements (this could be for equipment) – Liabilities
- Fixed Asset information and documents (business property, equipment, trucks) – Assets
- Sales tax information – Liabilities
- Mileage or car/travel expenses – expenses/deductions
- Home office expenses – expenses/deductions
- Payroll information (W9 for contractors and W-2’s and I-9’s for all employees) – Liabilities
- Estimated tax payments – Owner’s distribution – Liabilities
Always check with your CPA or Tax Prep for the list of documents needed but this should get you started on the right track for tax season.
Now let’s talk about what your business goals are for 2022?
Have you made your goals for 2022 and looked at how you did with your goals last year? Have you crushed your business goals and have huge goals to grow this year?
This is a great opportunity to connect with a bookkeeper to help you understand your financials and create realistic goals for 2022. With our advisory services combined with monthly bookkeeping you can take your business to the next level!
If you have been considering hiring a bookkeeper, let our team at Moose Creek Bookkeeping show you how our custom, outsourced bookkeeping services offer a better way. Call us at 346-298-2252 or schedule a free consultation on our website.