Between scrambling to meet year-end deadlines and keeping up with holiday celebrations December can be a hectic month. All the more reason to set aside some time on your calendar now to take care of a bit of housekeeping later in the month. With the fiscal year drawing to a close, this is a crucial time for managing your business.
You will want to devote some time to year-end planning. Check that you are up to date on your paperwork and have your records and receipts in order. Tie up any loose ends related to returns, refunds or credits due. Now is the time to make any final charitable contributions for the year, top off your retirement fund, and pay for any tax-deductible professional memberships, subscriptions or other business expenses. You may also want to pre-pay some expenses for next year to take the deduction this year. Consult with your tax advisor as to whether you should consider deferring some income until next year in order to avoid crossing the threshold to a higher tax bracket.
Also take time to celebrate your accomplishments with your staff, co-workers, service providers, and clients, and acknowledge those who have contributed to your success. As you reflect back on the year and assess how well you did on meeting your business goals, focus on your achievements, not where you fell short. It is your successes this year that will provide a firm foundation for future success in the year ahead. In preparation for setting goals for 2016, think about how you can do more of what you did well this year and capitalize on your and your firm’s strengths. Carry that positive momentum with you into the New Year.