The Wealthy Wordsmith

What do you need to do at the end of the year to “gear up” for the new year? Below is a list of 27 things you need to do. I know this will be of value to you. Here’s to a GREAT 2010!

1. Verify cash entries so you do not miss deductions
2. Verify that all bank and credit card transactions have been entered through December 31st.
3. Reconcile all bank and credit card accounts. Check for any un-cleared items in the year Review details of all new assets purchased for the year (what was purchased, date and amount)
4. Print out a Profit & Loss detail report and review the categories. Make necessary corrections
5. Review any loans and verify balance amounts on the Balance Sheet
6. Send out any W-2′s, if applicable, by January 31
7. Collect any W-9′s from vendors. Verify if you paid anyone over $600 that will require a 1099. You will also need to send out a 1096. Call the IRS to get FREE forms: 1800-829-3676 begin_of_the_skype_highlighting              1800-829-3676      end_of_the_skype_highlighting (will take 2 weeks)
8. Set a budget for overhead costs for the new year (Advertising, Auto, Bank Fees, Continuing Education, Meals, Travel, etc)
9. Print out financial statements for CPA/EA. Profit and Loss Standard, Balance Sheet (with last year comparison), Detail of assets, P & L by Class, if you use classes.
10. Back up data from the computer. Double check the back ups are copying correctly
11. Box up old year receipts and make new file folders – scan documents for electronic storage
12. Jot down mileage for all vehicles used in business. You will need total miles driven and total business miles driven
13. Verify when corporate minutes will be due for the coming year – mark the calendar
14. Review past year expenses to see where you can trim or make changes. Look in meals and entertainment first. Then see if you can get the same service for a better price (insurance, telephone, etc.)
15. Determine if your computer needs upgrading, equipment needs repairs or supplies to be ordered. What technology would help your business run more efficiently?
16. If you have payroll, verify if your EDD employment rate has changed for the upcoming year
17. Make a list of questions you have for tax preparer. Make a list of areas that have changed in the last year.
18. Provide all final HUD statements for purchases, refinance and sale of property
19. Sole proprietors and LLC’s must file by April 15th. Corporation’s (S & C) deadline is March 15th
20. Pay $800 tax payment for LLC’s, C-Corps, S-Corps by April 15th of current year
21. Review your business plan and make any necessary changes
22. Set closing date and password on QuickBooks file
23. Review Vacation/sick time policy for employees. Update employee handbook. Have employees sign.
24. If you carry inventory, do a physical count on December 31st
25. Set goals for upcoming year: purchases, improvements in business, selling property, loan repayment, etc
26. Set aside W-2′s, 1098 Mortgage Interest Statements, 1099-MISC, 1099-R, 1099-B, 1099-DIV, 1099-INT in a file ready to give to your tax preparer.
27. Copy thermal receipts

For more information, contact Admin Books at 408-782-9640 begin_of_the_skype_highlighting              408-782-9640      end_of_the_skype_highlighting.

Renee Daggett, President of Administrative Bookkeeping Company, Inc.
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