Tax season is over (yay!), which means now is the time to put the focus back on your business. There are a number of different things to consider now that your paperwork is filed and your information is in process. Here are four:
1. Catch up on the books from the past few months
Your 2014 books may have been neglected while you were focusing on your 2013 taxes. So dedicate the next few weeks to ensuring that your financial statements and books are up-to-date. Continue doing so throughout the rest of the year, too – that way, when it comes time to file your 2014 taxes, you’ll already be ahead of the game.
2. Look at whether the time is right for equipment and other comparable purchases
Some equipment and supply purchases that are made now could be written off for next year. So look at whether or not your business could improve by purchasing products and supplies that will be tax deductible next year. If so, you’ll be able to give your business a leg up on its revenue for the coming year – an important aspect of preparing for any tax season.
3. Schedule a mid-year planning session
Mid-year tax reviews can be helpful for both you and your accountant. Consider whether or not you want to meet up with a tax firm or a financial advisory firm to consider your options and opportunities over the coming year. They can help you to analyze tax liability, consider whether or not tax-deductible purchases are wise for your business and much more.
4. Consider retirement plan options now
Retirement plans can help you to defer income taxes and to prepare for your later years. In fact, all small business owners should ensure they have some kind of retirement savings plan.