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 booked time with your accountant or PTCFOs to go over your books?
-Do you have bank and credit card reconciliations in order?
-Do you have open invoices?
-Are all your expenses in the right categories?
-If you run multiple companies, are your inter-company transactions correct?
-Did you look through your owner’s (member) draw and ensure it’s classified properly?

-Have you checked your balance sheet and made sure everything is properly classified and not an uncategorized asset?
-If you take a home office deduction, does the square footage need updating and/or are all your expenses related to your home documented? (Mortgage, electric, trash, etc.)
-Have you looked at your net income and paid your estimated taxes? And do you have enough to pay the remainder in March or April?

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.