YEAR END UPON US

I really do hate to be the scrooge of business but I feel I just talk about somethings at year-end that you will want to get a jump on! First let me wish all of you a Happy Holiday season and a very HAPPY NEW YEAR. Early but I get excited this time of year.
Down to business --- For alot of business owners your year-end is based on a Calendar year so you will therefore be closing the books at the end of December -
Some tasks you will want to do from a bookkeeping end.
1. Clean out the Miscellaneous or Suspense account that you so freely used all year.There is no line called Miscellaneous on the tax return so you have to put these items somewhere. If you are unsure where either ask your accountant or make new categories.
2. 1099 forms - These forms must be filled out and send to any subcontractors that you paid more than $600.00 during the year. You will need correct name, address and Social Security numbers for each payee so start gathering them now.
3. Bank Reconciliations - Make sure these are up to date so that you maximize expenses for tax savings.

Should you need any assistance - feel free to contact me at raquelmorphy@rmbizsolutions.com

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