We are almost at the end of 2018! We just wanted to remind you of a few things to do at the end of the year.
- Write down the odometer reading on the vehicles you use for business. This is needed in determining what percent you used your vehicle for business and personal use. It will also help you in knowing the total miles you drove for the year.
- Collect W-9’s from vendors. Verify if you paid anyone over $600 that may require a 1099. You can call the IRS to get FREE W-9 forms at 1-800-829-3676 (but it will take about two weeks).
- If you have payroll, verify if your EDD employment rate has changed for the upcoming year. You will want to update the rate BEFORE you run your first payroll in 2019. You should have received a letter with the updated rates in early December.
- Copy or scan thermal receipts. Many receipts that you get from gas stations and other retailers are on thermal paper. The image will fade over time. Keep a copy (preferably digitally) so that you will have the receipt if you are audited.
- If you carry inventory, you are required to do an inventory count at least once a year to determine the value of the inventory on hand.
- Backup data from your computer. Be sure and backup any data that is not stored in the cloud.
- Review and update your business plan. What do you project your gross revenue will be for the coming year? How will that compare to this year? What changes will you make to increase your profits for the upcoming year? Just writing your plan down can help you achieve your goals.
We hope that these reminders will help you to go into 2019 with less stress and set you up to have a great year!