What Intelligent Small Business Owners Can Do Now for a Successful 2022: Part 1
Labor Day is in the rear view mirror. Thanksgiving is coming, and so is 2022!
While the coming weeks will be full of friends and family, the intelligent small business owner should attend to important business tasks as well.
Tax and Legal Preparation:
To know where you’re going in 2022, you need to know where you’ve been this year. Make sure your bookkeeping, expenses and billing are up to date. Run a cashflow statement and a balance sheet.
Talk to your accountant about anything you can do now to lower your tax bill or otherwise save money.
Make sure you have filed your annual report with the North Carolina Secretary of State (both corporations and LLCs) and, if required, held your annual meetings (definitely corporations, and LLCs if required by your Operating Agreement).
Review your HR/personnel files. Is payroll correct? Have you accounted for fringe benefits? Are all employee matters documented and contained in the records (and while you are at it, make sure these files are locked or password protected).
Make sure you are withholding the proper amount so you won’t have a huge, unexpected tax bill. While you are at it, make sure you’re current on your quarterly estimated tax payments.