{"id":2356,"date":"2023-12-05T22:52:39","date_gmt":"2023-12-05T22:52:39","guid":{"rendered":"https:\/\/www.smecpa.com\/?p=2356"},"modified":"2023-12-05T22:52:40","modified_gmt":"2023-12-05T22:52:40","slug":"wrapping-up-finances-for-2023-and-tax-season","status":"publish","type":"post","link":"https:\/\/www.smecpa.com\/wrapping-up-finances-for-2023-and-tax-season\/","title":{"rendered":"Wrapping Up Finances for 2023 and Tax Season"},"content":{"rendered":"\n
We say it every December, but now is the perfect time to audit your finances and prepare for tax season. Follow these steps to start the new year with your best financial foot forward.<\/p>\n\n\n\n
For small and medium businesses, give your tax professional plenty of time to sort through your documents. You\u2019ll likely need extra time for additional questions, information, or adjustments.\u00a0<\/p>\n\n\n\n
Before meeting to discuss your taxes, get these documents in order. Your financial consultant will need them to inform decisions and file your taxes.<\/p>\n\n\n\n
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Learn more about the right filings<\/a> for your specific situation.<\/p>\n\n\n\n No matter your financial plan, things will turn out differently than expected. That\u2019s why it\u2019s important to meet with your CPA before filing. Last-minute adjustments may be key for lowering your tax liability. Take time with your tax professional to consider:<\/p>\n\n\n\n <\/p>\n\n\n\n With the right time and resources, your CPA can find you the best tax outcomes.\u00a0<\/p>\n\n\n\n Whether you pay taxes all at once or in estimated quarters, these key 2024 tax dates<\/a> will keep your business in line.<\/p>\n\n\n\n <\/p>\n\n\n\n Going into the new year is a great time to establish best practices. Take a step back, look at your financial big picture, and set goals for 2024.\u00a0<\/p>\n\n\n\n Run financial reports with an eye on the past and the future. You\u2019ll likely want to generate an income statement, balance sheet, and cash flow statement.\u00a0<\/p>\n\n\n\n Ask yourself, how is your financial standing? Is it where you expected it to be? Is it lower or higher than past years? Use that information to set intentions and make informed decisions.<\/p>\n\n\n\n Important context comes from reviewing reports alongside previous years\u2019. You can begin to identify ongoing trends and issues.\u00a0<\/p>\n\n\n\n Look for recurring problems you\u2019ve faced. How might you avoid that mistake in the future? Cash flow statements can be a huge help here. What stalls in cash flow did you face and why?<\/p>\n\n\n\n You want your finances fully in order for 2024. Check that all bills are paid and follow up on outstanding invoices. Collecting payments gives your business a cash boost to start off the year.\u00a0<\/p>\n\n\n\n Amidst the chaos, take time to be grateful for your employees and their work. Maybe there\u2019s last-minute room in the budget for a gift. At the very least, say thank you.\u00a0<\/p>\n\n\n\n Naturally, the end of the year is an opportunity to think about the past and the future. Find time to reflect on:<\/p>\n\n\n\n <\/p>\n\n\n\n At SME CPAs, year-end signifies a celebration of our clients\u2019 accomplishments \u2014 and a push to do our best work through tax season. Whether you\u2019re a longtime partner or brand new to the family, we welcome your calls and visits. Contact us<\/a> to figure out what 2024 looks like for you and your business.<\/p>\n","protected":false},"excerpt":{"rendered":" We say it every December, but now is the perfect time to audit your finances and prepare for tax season. Follow these steps to start the new year with your best financial foot forward. Getting Ahead of Tax Season For small and medium businesses, give your tax professional plenty of time to sort through your…<\/p>\n","protected":false},"author":9,"featured_media":2357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nTalk with your CPA<\/h3>\n\n\n\n
Know your deadlines<\/h3>\n\n\n\n
Bookkeeping practices for a happy new year<\/h2>\n\n\n\n
Run your go-to financial reports<\/h3>\n\n\n\n
Look for trends\u00a0<\/h3>\n\n\n\n
Put a bow on 2023<\/h3>\n\n\n\n
Step back and look forward<\/h3>\n\n\n\n
Meet with your financial professional\u00a0<\/h3>\n\n\n\n