Question: As new business owners, what advice can you give regarding end-of-year planning?
Answer: Last month we examined our suggested “year-end planning” for December. The major components and descriptions of this plan were:
Year-end planning encompasses the following major components:
1. Exploring tax planning strategies
2. Reviewing the company policy manual
3. Reviewing employee performance plans
4. Conducting employee reviews
5. Evaluating employee benefits
6. Reviewing all insurance plans
7. Performing a physical inventory
This month we will discuss the items that can be addressed, analyzed and acted upon after the close of business on Dec. 31, 2020.
JANUARY BEGINNING OF THE YEAR PLANNING SUGGESTIONS:
1. Examining year-end financials
2. Assembling documents for tax
