Tax time: be prepared!


It's Tax time again! Can you believe it? This year we saw an increase of tax extensions into November. If you extended 2021 then it's already time to start thinking about 2022 filing!


While you may have been in the deep end with 2021, it's important that you address 2022 in November.

  • Know your numbers: make sure your income and expenses are accurate and that you're not over/under stating these categories. Run a P&L and Balance Sheet by quarter to get a sense of what's going on.

  • Talk to your CPA now: your tax accountant needs to see your books through Q3 so you have time to stratgize and make adjustments if needed.

  • Find deductions: you may be able to find and take some helpful deductions.

  • Upgrade your financial systems: if you're using spreadsheets you are definitely missing important data. An outsourced accountant or bookkeeper can help.

  • If you fail to plan, you plan to fail! Use 2021 & 2022 to make a plan and projections for 2023.

  • Watch your cash flow: make sure you have enough cash to make the business moves that will help your business thrive.

  • Spend strategically: stop excess spending and spend where it has the most benefit and impact on you and your business. Examples are professional services, captial expenditures, retirement plans, or charitable contributions.

HIRE A BOOKKEEPER!

Hiring a bookkeeper will give you peace of mind and help you be prepared for taxes. BookSmarts is a CPA-level bookkeeping sevice that can help you be better prepared for year end. Benefits we provide:

  • know your numbers

  • upgrade your financial systems

  • provide reports for projections

  • monitor your cash flow

  • strategic spend

Teaming up with BookSmarts gives you more time and better information so you can grow your business! Call us today!



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