A New Year…Four Important Accounting Resolutions

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January is here, bringing with it frigid weather, Christmas clearance sales, and loads of new diet plans. And while we at Big Picture know how important it is to “Put Down the Cookie” this month, we’ll leave it to the health blogs to dispense that advice

What we can advise on, however, is that from an accounting perspective, the best thing you can do for yourself in January is to get organized for the year to come…and we’ve put together a few simple tips to help:

Touch base with your accounting professional

Don’t wait until April to see what information your accountant needs from you – call him / her now. After all, the more data and lead time your CPA has, the more accurate and timely your returns will be.

Determine your 2016 goals

What do you want to achieve this year? Are you starting up a new business? Shutting one down? Are you planning to buy a house or a car? Do you need help setting up an IRA or paying quarterly taxes? Addressing these issues now will help you and you advisor come up with a game plan.

Make sure your books are fully up-to-date

Do you have a stack of pending credit card reconciliations you’ve been putting off? Are you behind on inputting payroll? Take time this month to catch up on your books, while 2015 activity is still fresh in your mind. Needless to say, the cleaner your books are now, the less complicated things will be down the road.

Get moving on your 1099s

1099s are due to the recipient by February 1, 2016, and must be filed with the IRS by February 29, 2016. (Note that if you file electronically the deadline is March 31, 2016.) Don’t wait until the last minute….1099s can be notoriously tedious.

While your financial health might not seem as important as getting to the gym or hitting the ubiquitous sales, just remember that procrastinating now more often than not leads to panic later!

Let us know how we can help.