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Wyoming Business Tips for Dec. 13-19

December 4, 2015

A weekly look at Wyoming business questions from the Wyoming Small Business Development Center (WSBDC), part of WyomingEntrepreneur.Biz, a collection of business assistance programs at the University of Wyoming.

By Robert Condie, WSBDC southwest regional director

“What are some things that I can do to get ready for the end of the tax year?” Jessie, Kemmerer

With the end of the year quickly approaching, there are many things that you can try to be ready for the coming tax season.

BasicAccountingHelp.com offers a few things that you, as small business owner, can do to get ready for the end of the calendar year:

-- Get in contact with your accountant: If you have a relationship with your accountant, there is a good chance you already have set up a meeting. But, if you rarely see him or her, make it a point to set up a meeting to talk about the past year and what your plans are for the future.

-- Buy equipment: Stock up on some office supplies or new office equipment. If you put it in use by the end of the calendar year, get it and make sure to save your receipts.

-- Use the 179 deduction: This basically allows business owners to deduct the full purchase price of tangible equipment, such as computers and office furniture. There is a limit as to the total amount of the deduction but, during the meeting with your accountant, you can ask that question.

-- Make charitable contributions: Making contributions is always a great idea but, for tax purposes, make sure that you are donating to a business or organization that will qualify as a charitable contribution. When making charitable contributions, try to get some sort of receipt to turn in with your return. This alleviates any questions with the IRS.

-- Upgrade your accounting system: The first of the year is a great time to look at your accounting system to see if it is still meeting all your needs as a business owner. If you need more reporting capabilities as your business grows, consider upgrading to a system like QuickBooks, Xero or Peachtree.

A blog version of this article and an opportunity to post comments are available at http://wyen.biz/blog1/.

The WSBDC is a partnership of the U.S. Small Business Administration, the Wyoming Business Council and the University of Wyoming. To ask a question, call 1-800-348-5194, email wsbdc@uwyo.edu, or write 1000 E. University Ave., Dept. 3922, Laramie, WY, 82071-3922.


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