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.
Read more…
This week I am at a retreat with some other creative artists. We each brought our own creative work, and we are offering support or advice – business or art – as needed. For some, the time is to sew needed samples for shops or classes; for others, it is to do personal sewing or reading. I brought a mix of some reading and plan to make a quilt top. What struck me is that these are women who are doing good work and striving to get it out in the world. They are also good business women who know where their efforts pay off. My question is, do you know where the return is in your business?We are quickly approaching the end of the year, and it is a good time to take a look at how your revenue looks compared to the goals you set early in the year. Are you on track or will you have a shortfall? Are your expenses in line? Have you looked at where the money comes in and where it goes out? For example, you may think that your fabric line sells a great deal, only when you go back and look at the royalty earned compared to your total revenues, you may be surprised it was not as high as you expected. Likewise you may have an activity that happens infrequently and it brings in more than you remember. You cannot make decisions based on something you do not know, so you need to look at your books.You still have time to make a difference in how the bottom line turns out in your business for 2013, plus you will have a better start on 2014. Take time to review what is working in your business and do more of it. And, if you have questions, set up a time to chat with an accountant to see what you can do to get better control on the financial end of your business.