Every year, I make goals. Get in shape, eat better, spend more time with my family, read more. However, I also try to make goals for my business. Here are five things to think about to help your business financially this year!
- Keep mileage logs. This is one of the hardest things to do but will help if you are ever audited. The mileage rate for 2011 was 51 cents. Therefore, if you drove 300 miles a month, you could deduct $153.00 from your profit. That may not seem like much, but it adds up. And if you are like me, you probably drive a lot more than that each month. Check out next week’s multimedia blog for examples of good mileage logs.
- Plan for retirement. Depending on the type of retirement account you set up, you can end up saving money now and be able to retire in the future. Speak with an investment advisor to see what is best for you. If you don’t have one, contact me and I can give you a few names to contact!
- Ask about new tax relief. For the past several years, different bills have been passed at both the state and federal level giving tax breaks for different things. Talk to your accountant throughout the year to see if any tax breaks get passed or sign up for Google alerts on the topic.
- Make sure you have a CPA! This is something that many small business owners overlook. Having a CPA make appear to be an expense you cannot afford, but a CPA will help you find areas to save on, make sure your taxes are prepared right, and give you advice throughout the year. If you don’t have one, contact me and I can give you a few names to contact!
- Get accounting software. If you only have a few expenses each month, this many not be necessary. However, if you have a lot of expenses and income from multiple streams, accounting software (such as Quickbooks) helps you track where your money comes from, and where it goes!