The holidays can be stressful for everyone, even more so if you own a business. Here are a few accounting tips to remember that can help your operations run as efficiently as Santa’s sleigh.
Generosity Pays Off
While we aren’t likely to see holiday parties this year, you may still want to show your clients or business associates that you appreciate them by giving them a gift. The good news is this qualifies as a tax write-off. When planning your gift-giving this year, remember gifts to individuals are limited to $25, while gifts to a corporation allow you to write off 100% of the value.
Keep Documentation & Stay Organized
Give yourself the gift of organization this year! Not only do you want to make your life easier during the holidays, but you also want to make sure the holiday season doesn’t interfere with tax season. Keep track of purchases that qualify as deductibles and any expenses you are looking to write off this year, so you aren’t left scrambling later.
It can be easy to let organization slide when you are busy, but if you are proactive with your tax planning, keep documentation when needed, and stay up-to-date with your bookkeeping, your future self will thank you.
It’s Never Too Early To Prepare
The holiday rush can come at you fast, and you don’t want to be left playing catch up. It will be helpful to think ahead to any extra expenses this time of year could bring, like bonuses for your staff or overtime pay if needed. By looking forward to these future expenses all year long, you will be more than prepared when the time comes.
Get Some Help
Hiring a CPA is a great tool to help you stay on track all year long and keep you organized during your busy season. At Davie Kaplan, we are here to help you manage your day-to-day operations to ensure you’re prepared for anything. Give us a call today to learn more about what we can do to help your business.