2012 Year-End Business Checklist | Business
Get Your Financial Books in Order
Before you decide to make any last minute tax moves, you’ll need to know your business’ financial picture for the year. If you haven’t done so already, take charge of your books to determine what you’ve made and what you’ve spent in 2012. Whether you’re a solo freelancer with a box of paper receipts or a business owner with a bookkeeper on payroll, you’ve got to get a handle of your business’ profit and loss before you can do anything else.
Assess Your Tax Strategies
If, after organizing your books, you find yourself with a larger than expected profit, you may want to consider any major purchases you should make while it’s still 2012, particularly because, as of now, the Section 179 deduction limits are set to plummet in 2013.