No, we aren’t talking football. We’re talking about your business and the final stretch of the year. It’s Q4 (Quarter 4 of 2020), and we have just two months left.
After everything 2020 has thrown our way, now is the time to review your year-to-date finances. Doing this will help you stay ahead and avoid any surprises at tax time.
To prepare for what your 2020 taxes may look like, take a few minutes to do the following:
Get the full picture of your finances through the end of Q3.
Whether you work with a bookkeeper, use accounting software, track numbers in spreadsheets, or still rely on pen and paper, gather your income and expenses. This will help you clearly see where you stand.
Organize Your Finances Before Meeting Your CPA
Bring this information to your CPA so they can compare your 2020 estimated taxes with the actual numbers or help you project your upcoming tax burden.
If you don’t have a CPA—or if you’re not satisfied with the service you’re receiving—let us know. We’ll do our best to help you find a professional who aligns with your business goals.
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!
Spending a little time now, can save a lot of frustration and headaches later.
