It’s December, which means we’ve reached another year’s end and a time to reflect on what the year has brought. As a business, there are certain things you can do before January 1st in order to make the most of this year, such as:
A new year is approaching, which means a new opportunity to solve your problems and grow your business. Take a few minutes to sit down and identify the problems your business has been having: Maybe you’re targeting the wrong audience, or maybe you’re spending too much money in one area. Once you identify the problems, you can work on the solutions.
Make Last-Minute Tax Moves
Before January 1st rolls around, make some last-minute tax moves like:
Donating clothing – If you’re itemizing deductions and your company has extra clothing, last-minute donations can make you some money.
Stocking up on supplies – If you’re able to deduct expenses for supplies (like school teachers), stock up before the year’s done.
Throwing a holiday party – Holiday parties for employees can be up to 100% tax-deductible and parties for clients and associates can be up to 50% tax-deductible. (Read the rules to find out more.)
Creating a solo 401k – Self-employed business owners should consider creating a solo 401k plan. You can put away the individual maximum along with part of your compensation or business profit.
Donating to charity – As long as they meet the right criteria, charitable contributions can mean tax deductions for your business.
Write Out Your Biggest Accomplishments
Write out the biggest accomplishments your business made this year, then share them with your employees. You’ll not only appreciate what happened this year, but you can also determine how they were made and repeat the efforts next year.
Get Finances in Order
Collect any outstanding debts and pay your own outstanding debts, separate your business and personal expenses, make adjustments to your accounting system, and make sure your records are all together and in one place. Once you know where you stand financially for this year, you can make better decisions next year.
Plan for Next Year
When you’re done with all of your other to-dos, create a plan for your business for next year. Set goals, create a budget, brainstorm new projects, and make some New Year’s resolutions.