1. Bookkeeping: Having up-to-date financials are crucial for the success of your business. This will help you avoid a potential audit from the IRS and allows you to have accurate financial knowledge on your business. For example, every quarter or month you should be able to pull a profit & loss statement to show how your business is doing by allowing you to clearly evaluate the income and loss of the business for that particular season.
2. Taxes: It is vital for you to know what questions to ask and what information you should provide to your tax preparer to ensure you are compliant with the IRS and that you are getting all the deductions that you qualify for. This will be taken into account to calculate the amount of your refund or how much you will owe in taxes (for the complete list, download now.
3. Write it down: After you handle some of the fun and technical items. Make sure to write down financial goals for yourself and your businesses, all of them. Don’t just think it! Do it! We all know that something happens when we actually see something in black and white on paper. Lastly, give these financial goals a time limit, i.e. 6 months, 3 weeks, 1 year. Sooner or later it starts becoming a reality and we are able to hold ourselves accountable more effectively.
As a reminder friends, we encourage you to ask questions and be informed about your financials and the impact taxes have on your bottom line. It is your business, so take care of it!
Feel free to contact us for inquiries & consultations at info@BuildingWealthag.com! We are here to help make your financial journey a stress-free zone.
The Building Wealth Advisory Group Team