December brings forth a wonderful feeling of joy with the upcoming holidays. But for some, it also brings a great deal of angst as you worry about year-end tax preparation! Are your books in order? Did you make any mistakes? Did you maximize your credits and deductions? Did you miss something important? Now is the time to not only enjoy your family and the holidays but also to review your business accounting and make sure everything is in line for filing your 2015 taxes.
Below are some questions that you should be considering:
SCHEDULE A TAX REVIEW WITH YOUR TAX PREPARER:
There may be last minute planning possibilities for 2015. Consult with your tax advisor while you still have time to act in 2015. Be proactive!
HAVE YOUR ANNUAL MEETING AND CREATE YOUR ANNUAL MEETING MINUTES
It is important to document the activities and decisions at your annual meeting and accompanying meeting minutes. Make sure this happens in 2015.
MAKE SURE DISTRIBUTIONS FROM YOUR BUSINESS ARE ON TRACK
If you need to make a distribution from your business, now is the time to evaluate. Visit your tax advisor now.
Many individuals plan to give away a specific amount of money as part of an estate or succession plan. Make sure you have given the proper amount and within the proper time frame.
If you would like to donate to a charity and have a deduction for the 2015 tax year, you have until December 31 to make the gift. Gifts made after December 31 are included on 2016 tax returns.
Carefully examine your records from the previous year to determine that you have everything you need to ensure a smooth tax season.
Look at the states in which you are incorporated and make sure that you are aware of the due dates for the filing of annual reports in the coming year.
ARTICLES OF AMENDMENT OR IRS DOCUMENTS
Examine the previous year and determine if there have been any changes that would require the filing of articles of amendment or updates with the IRS.
REVIEW YOUR ESTIMATED TAX PAYMENTS FOR 2015
Review the financial status of your business along with estimated tax payments. Call us to avoid under or over payments.
EXAMINE NEW BUSINESS OPPORTUNITIES
What were your areas of growth in the past year? Should you file a new trademark? A new assumed name?
PERMITS AND LICENSES
Examine your permits and licenses – do any require renewal in the coming year? Should any information be updated?
If you need assistance or have questions regarding your individual tax situation or any other tax topic, please call us at (407) 922-0918 or email email@example.com today! Let’s create a plan NOW to lower your taxes, increase your profitability and generate more wealth in 2016!