For many people a new year means resolutions, hope and a chance to do the things that escaped them in the previous year. For me, the new year brings a big change. I left my full-time job pursue my dream. I have transitioned my part-time side job into a full-time business. I have been through much of what I help my clients through when starting a business. I’m connecting with people for branding and marketing ideas, joining network groups and reaching out to business contacts. I created a webpage and ordered business cards. I bought new office furniture and new technology to help me on my way. It’s been so much fun and I can’t wait to begin 2018!
Many small business owners start their businesses in January, but if you’ve been at it a while, January means 1099s, W2s, budgeting and forecasting. As a bookkeeper, I have been through many Januaries with my clients. 1099s are a huge deal, and the deadlines were moved up this year. W2s also have a deadline for mailing to recipients. If you are unsure what the deadlines are, or if you wonder if you even have to file 1099s, I can help. I can show you how to do it yourself, or I can do it for you…but don’t wait until January 29th to get started because you will likely need to collect some W9s from your 1099 vendors.
Beyond January, the focus tends to shift to tax preparation. Have you calculated the business use of your home? Did you know that if you don’t claim a home office, every trip you take is considered commuting and isn’t deductible (even if it’s for business and you’re tracking your mileage)? Have you been throwing your receipts in the proverbial shoebox and now you don’t know how to organize it for your CPA? I use QuickBooks for the majority of my clients. Even if you are a sole proprietor who only sells a few things on Etsy, or you are a REALTOR who only sold a few houses, QuickBooks can organize your information in a way that makes your tax return much easier, which makes it cheaper for you! It also makes it easier to compare your income and expenses from one year to the next so you can budget and forecast.
If you’ve been using QuickBooks, or another method of tracking your income and expenses, and you know your books are a mess (because let’s face it, accounting isn’t everyone’s strong suit), please contact me! Even if you haven’t recorded a single transaction since February, or your mom/sister/nephew/neighbor has been helping, and they really don’t know what they’re doing either…I can clean it up for you. It’s one of my specialties, really!
2018 is here, and it’s up to you to make it the best year yet for your business! Check back here for helpful information on managing cash flow, deductible expenses, regulations that affect your bookkeeping, and more! And if you’re looking for specific information, email me! I would love to help!
