We all need to ask ourselves this question (and the ones below) as we review our books from 2019. Was it what we expected? Was it better? Was it worse?
My year was great and I took a handful of unexpected vacations/trips that really made the year memorable. In fact, I am keeping with this theme for 2020 (a little more planned out this time) and have already booked a two-week trip to Paris and London with long-time girlfriends.
What is already on your calendar for the new year? While I hope you take lots of trips and enjoy vacation time, let’s ensure you are ready for upcoming tax time so you can truly put 2019 behind you.
-Did you pay your estimated state tax and other taxes due and are they reflected in your ledger?
-Have you checked your balance sheet and made sure everything is properly classified and not an uncategorized asset?
You are responsible for your financials. Start setting good practices now and let’s exceed all our expectations in 2020.
FYI! The mileage rates have been set by the IRS for 2020 and it’s now 57.5 cents per mile. Remember to track your business mileage! The business percentage of the personal car is required, if either the actual costs or the standard mileage rates are used to calculate the deductible costs of operating an automobile. There is a great app called Mile IQ to track your mileage and calculate the percentage of business mileage and personal mileage. Here is my special link.