Though the challenging year of 2020 is coming to an end, there are still some simple small business year-end tasks every business owner needs to perform. These tasks are essential to wrapping up the year and getting yourself prepared and ready for the new year just around the corner.
2021 IS RGHT AROUND THE CORNER
Here at Tax Alternatives our team of highly skilled specialists wants to share some highlights of those necessary tax, bookkeeping, accounting, payroll and year-end tasks you need to give focus to as this overly challenging year comes to an end.
- Planning for remote workers – With the Covid 19 pandemic so many companies, small and large, have had to resort to employees working remotely primarily because of the shelter in place orders that were issued throughout the year. Having an entirely remote workforce without having had the time to implement a proper plan surely has caused a number of business issues relating to salary, taxes, benefits and even business operations.
- Year-end is the ideal time to put an appropriate plan and necessary changes in place. It may be a few more months before everything opens up again and the country is able to return to normal, but remote work may be here to stay for many businesses. With that said, the team here at Tax Alternatives suggests that when you start putting your 2021 plan in place, be sure to give important focus to implementing some actual remote work from home policies. From communication channels and IT security, to VPN access and even protocols that you will use when it comes time to start returning to the office, having policies in place is sure to benefit everyone.
- Payroll issues – As this year comes to an end, you will be faced with a variety of payroll year-end tasks that must absolutely be wrapped up so as to ensure a tax season ahead that runs smoothly. One of the most critical tasks is that of issuing W-2 forms and 1099 forms as well. Be sure to confirm employee and contractor names, addresses, social security numbers and payroll totals. When you engage our specialists here at Tax Alternatives, we will take care of all these important elements for you.
- Employee Health Benefits – As the year comes to an end it is time once again to decide on whether you are going to keep your same insurance provider or perhaps make a change. Most insurance companies require that employees sign up by year’s end in order to maintain insurance coverage for the following year ahead.
- Focus on the budget – A well outlined and constructed budget plays an important role in running any business. Your budget has to be designed to meet the up-and-coming operational needs for the year ahead. The team here at Tax Alternatives stands ready to assist with all your Q4 budget needs and to discuss methods you can use to build an acceptable budget going forward. From forecasting and expected business changes to planning for potential economic struggles and downturns our team of dedicated professionals is on hand to help build an effective budget that can meet your business challenges.
- Closing out your books – Year end means it’s time to also get ready for the upcoming tax season, which requires you to close out your books and finalize all your business financial statements. Our bookkeepers are available to help with this challenging year-end task by reviewing your books and ensuring that all the numbers jive, while accounting for any uncollected monies or outstanding contracts still on the books. Keep in mind that before you can begin preparing your taxes, your books must be entirely closed out and everything must balance.
- Tax preparation – Depending upon the complexity of your tax circumstances, tax preparation can present with a number of challenges. When you choose to work with our highly skilled and experienced tax specialists rest assured, we can and will handle all those 2020 oddities that have affected nearly every small business this year.
LET OUR PROFESSIONALS TAKE CARE OF ALL THOSE 2020 YEAR-END BLUES
The team here at Tax Alternatives takes pride in our affordable, high-quality financial, payroll, bookkeeping, accounting and tax services we offer all our valued clients. We understand full well what a challenging year this has been for all of us and stand ready to meet all your year-end tasks. For more information about our top-of-the-line services, be sure to reach out to one of our staff members today. The beautiful Christmas season is upon us so all of us here at Tax Alternatives send along blessings and wishes from our family to yours for the most joyous of Christmas seasons!