Managing a small or growing business is a tough enough job without the anxiety of filing taxes. That’s why smart business owners plan early to ensure their finances are in order. By getting a jump on tax prep, business owners can alleviate stress and set up the business for success in the following year.
Check out our guide explaining tax prep strategies you should consider before the calendar flips to 2021:
- Account for asset depreciation
- Understand contract revenue regulations
- Manage cash flow
- Establish a plan for 2021
Keep reading for more details, and remember: There’s no need to go it alone. Consult with a trusted accounting professional to ensure your business’ books are in order.
Download the full-size version of the Year-End Infographic.
For more year-end tax tips:
- Visit: Our year-end resource page.
- Read: Tips to get your small business ready for year-end
- Calendar: Know your tax dates and IRS forms
Editor’s note: This article was originally published in 2017 and has been updated for relevance.