The calendar year end is important to many businesses. It’s usually a great sales season and it’s a time when businesses need to start getting organized for tax season. Tax season is a time when you look at the company’s income, expenses and deductions. The largest part of preparing for taxes is keeping track of business expenses all year.
Here are a few tips to help you get ready for Year-End.
· Don’t delay – stay on top of your bookkeeping. Make sure your accounts are reconciled each month.
· Review your books quarterly at a minimum.
· Hire an accounting department to get your bookkeeping up to date before sending to your accountant. This can save you money.
· If you work from a home office, make sure to supply all household bills and provide the percentage of the home that is used for the office.
· Remember, if your incorporated business makes a profit your return is due 3 months after your fiscal year end, if you didn’t make a profit your return is 6 months after your fiscal year end.
· Make sure you have put away the HST you collected throughout the year. We recommend that you open a separate bank account and make weekly deposits of your HST money. This way   when your payment is due, the money is there. Remember, this isn’t your money to spend.
· Provide a copy of the last year tax return and notice of assessment.
· Plan with your accounting team – let them know your year-end and ask when they would like your files to meet your deadlines.  If your paperwork is submitted late, your taxes will be late and you will incur interest and penalties on your account.
If you are happy with your accounting team and the service they provide it is beneficial to be consistent and continue with their services. They know your business