It is that time of year! To save the most taxes review your bookkeeping so you can add some last minute write offs, before it is too late.
The steps to reviewing your bookkeeping, after you have accepted all transactions, and reconciled all accounts:
1. Review your Profit and Loss. Especially watch for negative numbers or accounts that seem too high or too low. Best if you can review your Profit and Loss Detail report.
2. Review your Balance Sheet. Make sure all assets, and Liabilities are listed correctly. Watch for negative numbers. Make sure your equity for the year is accurate!
3. Review contractor payments. Collect w9s and send 1099s if needed.
4. Collect on accounts receivable due. This way you can end the year strong.
5. It is a good idea to pay any outstanding accounts payable if possible. This will help you take advantage of all the tax write offs you can!
6. Set aside savings for taxes due!
Merry Christmas and Happy New Year from Melanie Queen, Queen of Bookkeeping