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No, we aren’t talking football.  We are talking about your business and the time of the year; Q4 (Quarter 4 of 2020) and we are down to just 2 months left!

With all of the changes and surprises 2020 has thrown us, NOW is the time to do a review of your 2020 finances to-date to avoid any financial surprises at tax time!

 

10 GIFs That Perfectly Describe Tax Season 

 

To ensure that you are prepared for what 2020 taxes will look like; I encourage you to take some time to do the following:

Get the FULL picture of your finances through end of Q3. 

    • Whether you use a bookkeeper, accounting software, spreadsheets or are still doing pen and paper, gather your income and expenses and get a full picture of where you are at.

 7 Tips to Help with Business Financial Record Keeping | Information  Requirements Clearinghouse

 

Take that information to your CPA so they can review your 2020 estimated tax versus the reality, OR help you with an estimate of what your projected tax burden will be. 

    • If you don’t have a CPA or aren’t happy with the services you’ve been given, let us know and we will do our best to help you find someone that fits your mission!

 Find a CPA | Minnesota Board of Accountancy

 

Set-up your tax account OR make sure you are feeding your existing account:

    • If you are in a spot where you are anticipating a tax burden, make sure to set up a separate account that you can be depositing money throughout the year to cover the burden at the end of the year! 
    • NOTHING is more heartbreaking than to see my clients complete their taxes for the year and realize they didn’t account for their tax burden and are now stressed out on how to pay for those!

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Spending a little time now, can save a lot of frustration and headaches later. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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