Getting a Head Start On Your Year End

<p> Most of us have done it one time or another.  We are cruising through the year putting in long days and never take care of our books.  Once the end of the year rolls around it is a huge scramble to get our finances in order.  If you follow the steps in this article you can make the end of your year less painful. <p/>

<h2> Organization <h2/>

<p> You can never be too organized.  Get your books in order as soon as possible.  Organize all of your records.  The most important thing to do is to make sure that your business assets are separate from your personal assets.  The easiest way to organize them is with an Excel or Quicken file.  This will allow you to quickly reference your records if necessary. <p/>

<h2> C Corporation <h2/>

<p> Make sure that you have a C Corporation in place.  A C Corporation can be used as a management company.  This is the best place to convert your personal expenses into business expenses.  This is how you would for example take a tax deduction from your child’s tuition. <p/>

<h2> Tax Deductions <h2/>

<p> Many people don’t get the most out of their home office deduction.  Most people know to take the square footage of their office and write it off.  This is a great start.  Yet you can also write off the square footage leading to that office.  Most commonly this is a hallway or a common area.  This can also include the stairway if you have an office upstairs in your home. <p/>

<p> For more information about yearend planning visit us at pfbs.com.  You will also find many other wealth building strategies to help your business flourish. <p/>