December 2019
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2019 Individual Tax Returns are due in 4 months and 1 day.

4 Common Tax Surprises

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2019 Business Tax Highlights

These are some items to start thinking about before 2019 comes to a close. If you have any questions, please [Contact ME].

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It Is Not Too Early To Start Year-End Planning

Now is the time to start organizing your 2019 records and making sure your accounting system is up-to-date. Here are some suggestions:

  • Take a final look at your 2018 tax return and tax documents – make sure that your accounting records agree with your tax return. Put your return in a safe place.
  • Make sure all of your deposits and checks have been recorded through October 31, 2019.
  • Reconcile your business bank account(s) for the first ten months of 2019.
  • Organize your receipts for 2019. This could be alphabetically by the vendor or by the month.
  • Consider scanning your receipts and saving as PDF files on your computer. Make sure to make a back-up of these files that you keep outside your home.

Ask questions – do not wait until tax time (usually in the next year) to ask questions about your 2019 tax issues. Most opportunities to impact your 2019 tax return will end on December 31, 2019. Do not miss your chance.

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Do Not Get Hooked

Identity theft continues to be a huge problem for all of us. The identity thieves are becoming more clever and it can be difficult to spot something that is real versus something from an identity thief. The IRS has a great video on their YouTube channel that I recommend:


 

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Happy Halloween

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