It’s amazing but 2011 is coming to a close very soon. That means it’s time to start thinking about some things you might need to wrap up before the end of the year.
Don’t worry you still have a couple of weeks, but it will go by quick!
These following checklists are by no means complete but they are good starting points and they are broken down by type. Some businesses might need to look at all of these items and others, maybe only 1 or 2.
Administrative Tasks
- Order new calendars, if not already done.
- Prepare 2012 files – prepare to archive 2011.
- Purchase and/or prepare required supplies for Inventory Count.
- Order year end Tax Forms (W-2s, W-3s, 1099s and 1096s) if you prepare these in-house.
Bookkeeping/Payroll Tasks
- Review tax and licensing due dates for the coming year. Be sure they are marked on a calendar so they don’t get missed.
- Remind employees to update their W-4 form if they have moved, gotten married or divorced this year, or wish to change their exemptions.
- Make sure you have updated W-9’s from your Vendors for 1099 form processing.
- Prepare next year’s budgets.
- Be sure all bank and credit card accounts are reconciled and up to date.
Management Tasks
- Dispose of any outdated assets.
- Schedule your inventory count, if not already done, including staffing requirements.
- Make any large purchases before the end of the calendar year.
- Check your financial reports to see if you have a profit or a loss. Be aware of the tax implications of both. Don’t be surprised at filing time.
For Individuals –
- Have you moved this year? Make sure you update your address with your current and/or previous employers otherwise your tax forms might not get to you. Also be sure to let banks and the IRS know too.
- Do you have any donations that you still want to make for the year, cash payments or perhaps items from the garage? Mail them or pack them up/deliver them. Be sure to get a receipt.
- In states where you pay income tax, make your last estimated payment before 12/31 and you can deduct it on your federal tax return for 2011. If you wait until its due in January, you won’t get the deduction until 2012.
- Get your files in order for tax time. Don’t wait until the last minute.
I hope that these checklists help you remember things you need to take care of. Our next post will cover “Inventory: How to Avoid the Annual Headache by using Cycle Counts”.
Happy Holidays and have a great week!
