A few ideas easy that can help your business work smoothly:
- Don’t wait for the end of the year to start thinking about tax compliance! Try to remain up-to-date and organized throughout the year. Start looking at your year-end financials as early as September, when there’s still time to make adjustments.
- Don’t allow small problems to grow into big ones. Make it a practice to engage professionals if you anticipate a business problem, so that you can immediately begin taking steps to resolve it.
- Many business people make the mistake of putting government correspondence into a “read later” file, but often those letters include deadlines. Be sure to send such documents promptly to a tax professional to make sure you’re in compliance.
- Loan agreements should be reviewed not only by accountants, but by attorneys specializing in loan documents. It’s important to consider not just the amount and interest rate of a loan, but the other terms required by the bank. If you anticipate problems meeting any terms of the loan, call the bank in advance to explain. This will avoid any unpleasant end-of-year “surprises” and cultivate trust with bankers.