As 2012 quickly ramps up, it's time to start pulling information together for tax returns, send out your W-2s & 1099s, calculate your personal use tax, and tally up your fringe benefit information, and of course add up total mileage.
Here are couple of items you will need to have on hand (as of the last day of your tax year).
1. Cash/Check/Savings account balances
2. Accounts receivable - any invoices that are still owed to you? any bad debts (accounts you will never receive)?
3. Inventory - yep - time for a physical count of all the 'stuff' sitting on the shelves, in the warehouse, or in storage that is held for resale and of course a count of what has been used for personal use.
4. Fixed Assets - Any new equipment, furniture, or vehicles this year? Or is there anything you have disposed of or traded?
5. Notes Receivable/Employee Advances - have you lent any money this year? Time to add it up.
6. Who do you owe? - List out your accounts payable that may go into next year.
This is also the time to update your accountant (if you haven't already) on your share of ownership or officers, pension plans, life insurance, and medical and disability premiums.
There's a lot to manage at year-end. Start the year off by gathering your information together asap.
Are you a new Colorado business? We can help you get started on the right foot with our bookkeeping and accounting services. Give us a call 970-224-3366.
