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Published October 24, 2019
A weekly look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.
By Rob Condie, regional director, Wyoming SBDC Network
Are you wondering what can be done in your business to get ready for year-end taxes? Here are some ideas to save you some hassle:
-- Get in contact with your accountant. Schedule a meeting to talk about your finances in the past year and what your plans are for the future. A competent professional accountant is an invaluable asset to your company. These individuals employ an inquiring mind to their work founded on the basis of their knowledge of the company’s financials. Their training in accounting enables them to adopt a pragmatic and objective approach to solving issues. This is a valuable asset to management, particularly in small and medium enterprises where the professional accountants are often the only qualified members of a staff to handle finances. Accountancy professionals can assist with corporate strategy, provide advice, reduce costs, improve your top line and mitigate risks.
-- Buy equipment. Stock up on office supplies and equipment. Timing is crucial when it comes to making small-business equipment purchases. The equipment expensing election applies whether equipment was purchased during the first or the last month of a tax year. This means that purchasing a piece of equipment during the last month of a tax year can save money, but only if the equipment is put to use before the year ends. Delaying major equipment purchases until the last half of the tax year is a common practice among small business owners and can be a valuable tax strategy.
-- Make charitable contributions. Making contributions is always a great idea but, for tax purposes, you need to ensure that you are donating to a business or organization that qualifies as a charitable organization. When making charitable contributions, try to get some sort of receipt to turn in with your return, as this helps to alleviate concerns from the IRS.
-- Re-evaluate 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 business needs. Common accounting systems include QuickBooks, Xero and Peachtree. Is your business thriving and in need of a software update? There also is the possibility that you don’t need a big, expensive accounting software package. A very simple Excel worksheet might be just what you need to keep your books in order.
As a good rule of thumb: An accountant or accounting professional is a great person to have in your corner, especially as tax time looms in the near future. You also can contact your local Wyoming SBDC Network adviser for no-cost, confidential assistance with your finances by visiting www.wyomingsbdc.org.
The Wyoming SBDC Network offers business expertise to help Wyoming residents think about, launch, grow, reinvent or exit their businesses. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. Small Business Administration.
To ask a question, call 1-800-348-5194, email firstname.lastname@example.org, or write 1000 E. University Ave., Dept. 3922, Laramie, WY 82071-3922.