Old Year Lessons
Wednesday, December 11th, 2019
In three weeks you’ll turn the calendar page to 2020.
Each year the years seem to fly by. And this year was no exception.
While three weeks isn’t a lot of time, you do have time to take some positive actions to end your year on a high note and get a head start on 2020.
Here are some tips that I’m taking to heart.
Don’t wait until Dec. 31 to check your financials.
I’ve been working on my financials the past week or so. As someone who is self-employed, I need to make estimated tax payments. While they aren’t due until Jan. 15, 2020, I like to get my settled before the end of the year.
Some questions you might consider:
• Do you need to follow up on any late invoices if you want the income to be in 2019?
• Do you need to defer the income until 2020?
• Do you need to make any expenditures by year-end?
• What tax consequences should you be aware of?
On my list is a quick call or email with my accountant. This will answer any last minute questions and allow me to make any adjustments I might need to minimize any taxes I owe.
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