Isn’t it nice to feel that sense of “ahhhh”? A new year is here and we can start over and celebrate the successes of the year past and look ahead at how we would like things to unfold in the new year. Last week I shared how you have to take a physical inventory count and you’ve made updates to your ideal product counts as well.
Another thing you will want to do is take a picture with your cell phone or digital camera of your ending odometer reading on your car. This will give you either a way to know exactly how many miles you put on your car in 2010 and you’re trip logs will help you know how much of that were business deductible miles or you’ll have snapshot ready for 2011.
When you visit the Accounts page on your Dashboard be sure to update any accounts and balances and be sure all of your expenses are entered here. If you weren’t doing this all along last year, it may take more time. However, going forward set up a system that works so you’re not overwhelmed at the end of year. Eg. Once per month or once per quarter enter your business receipts so you’re always up to date.
Here’s some helpful reports to print out at the end of the year. These can all be found under the Home tab. First, in the Accounts category print the Profit & Loss report. Under the Products category, print out the Annual Product Purchases report. And lastly in the Sales category print out the Annual Summary of Expenses, Annual Summary of Income. Don’t worry, when you actually filing your taxes these reports will still be there, however, at this time you want to be sure they are accurate before you start inputting any new data for 2011.
Remember, the best resource available to you regarding tax specific questions is the Tax Essentials document located on marykayintouch.com.