Now that we are in December, the Viking team wanted to give you a short reminder on a few questions business owners should be asking themselves. Here are our top four:
Number One: Do I have a W-9 from everyone I will need to file a 1099 for?
The W-9 form must be filled out by self-employed workers such as independent contractors, vendors, freelancers and consultants. This will aid in the filing of 1099s required of business owners.
Number Two: Is it time to make that asset purchase to aid in tax mitigation?
Purchases will allow your tax accountant to utilize current depreciation rules to lower your tax burden.
Number Three: Am I prepared to close my books at the end of the year?
Make sure your financials are in order and that all items have been entered.
Number Four: Have I prepared my 2021 budget?
An often overlooked planning activity that will help you prepare for success in the coming year. For more details, read last month's blog, The Benefits of Budgeting for Your Business.
If you need help answering any of these questions, contact us. We would be happy to discuss these issues with you. As always, any initial discussions with Viking are free of charge. We look forward to helping you.