Sharpen your Tax Ax

by | Nov 15, 2021

MEET THE TEAM: Milen Gomez, Staff ACCOUNTANT

6 months ago, we added a new staff accountant to our team: Milen Gomez. Our newest staff accountant is the best we could ask for with her incredible attention to detail and efficient mindset. She has been an essential part of our continued growth by always putting her...

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As the year winds down, most people start to slow down. People are looking forward to the holidays and start to bundle up as the days get shorter, maybe even start planning that holiday vacation. But if you’re a business owner, there’s something that starts to scare you even after Halloween has come and gone. TAXES!  

It’s that time business owners are planning (or dreading) their end-of-year duties. The worry deepens during the solstice and festers through the new year. March and April deadlines bear down on us like an oncoming train. 

Abraham Lincoln is quoted for having said, “If I had eight hours to chop down a tree, I’d spend six sharpening my ax.” Here are 4 activities that you can do to sharpen your ax before it’s time to chop down the tax tree.  


Clean Up Your Books

Of course, we recommend keeping accurate records year-round, but late is better than never. If getting into QuickBooks was on your 2021 New year’s Resolutions, you still have time to get it done. It needs to happen one way or another so there’s no time like the present. Waiting longer will only add to your stress as those tax deadlines approach. 

Go ahead and give your books a thorough updating now. If you are planning on using a bookkeeper to clean up the mess, make sure you engage them now before it’s too late and they won’t have time to take on your project. Most financial experts (Including My Small Business Pro) need to prioritize their current clients come January and only bring on a select few new clients, if any. You don’t think you’re the only one who waits until after the new year to think about your taxes, right? And if you have clean books, you can jumpstart the new year with important planning, budgeting, and strategic thinking.  


Collect W9s

When using contractors and outside service providers, it’s ideal to get their W9 tax form with their contract, but for long-term relationships or if you forgot, now is the time to update your records. Create a list of your contractors, consultants, and freelancers and send them the W9 form for completion. Just email will save you from panic and stress at the last minute.  

You only have until January 31st to send out your 1099s, so take one thing off your to-do list before the countdown begins on January 1st.  


Schedule time with your CPA

When tax time rolls around, you’re going to have a tough time getting their attention. Avoid being just another client and get the attention and focus you deserve. Pick up the phone now (or as soon as you’ve finished reading this!) and make your appointment with your CPA. This is the best way to make sure your ducks are in a row and you are taking advantage of any opportunities before the end of the year. As soon as the new year comes, you’re going to have to wait in line.  

If you are considering looking for a new CPA for 2022, make your choice now. Many CPAs will not take on new clients during their busy season. If you need a referral, we have a Rolodex of excellent CPAs to recommend.  


Make Sure to Run Payroll

How and when you pay yourself will have tax, business, and financial consequences that won’t be able to be adjusted once the new year starts. Forgetting to run your own payroll can have significant tax implications. 


If you take these simple steps now, you will start off the new year ahead of the game. Waiting on one or all of these easy-to-solve problems doesn’t serve you, and you may pay a hefty price whether it be time, money, or mental anguish that you and your business probably can’t afford.  Make sure that you’ve sharpened your ax so you can cut straight through to those tax deadlines with ease.  

Like most financial consultants, if you wait to reach out to me in the new year, it may be difficult to connect before February 1st. Be proactive and reach out to Daliah Fritz now, before the 2022 client list gets closed.  

MEET THE TEAM: Milen Gomez, Staff ACCOUNTANT

6 months ago, we added a new staff accountant to our team: Milen Gomez. Our newest staff accountant is the best we could ask for with her incredible attention to detail and efficient mindset. She has been an essential part of our continued growth by always putting her...

Client Spotlight: Danielle Suchala Klausing

It’s always an exciting time when you’re ready to take the next step in life and buy a home. But finding that perfect home can be a challenge, especially if you’re not familiar with the real estate industry. That’s where Danielle comes in. With over 7 years of...

Who is responsible for payroll?

One of the most expensive resources for any business is payroll. It’s also one of the most important. We are firm believers that people are your most valuable asset, so it’s no wonder that payroll gets costly. Especially if you are a professional services company, and...

Let’s just Write it off! 

Ahhh the joys of being a business owner. You get to set your own schedule, be in complete control of your success and of course, deduct your business expenses.   Just like all of those statements, there are some pros, cons and a lot of misconceptions that go...

How to beat tax stress

It's March and that means two things:   Tax season is in full swing.   Chicago winter is about halfway over.   There isn‘t much a financial consultant can do when it comes to the weather, but when it comes to making your tax season less...

Meet the team: Eileen Manaloto, Sr. Accountant

Despite a job market full of unique challenges, My Small Business Pro was incredibly fortunate to bring on a new team member last year, Eileen Manaloto. Like many small businesses, we got creative in finding the right resource to support our amazing clients and fit...

Back to the Financial Future! 

A new year is upon us! While there’s a tendency to charge into 2022 with new hopes, plans and goals; but you need to pump the brakes. One of the most prudent things you can do is slow down and take some time to do a serious review of your past. Last year is full of...

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Unless prompted, few business owners willingly gush about their accountants. I get it, accountants aren’t always the most affectionate bunch; sometimes referred to as boring or dry. Many consider them a necessary evil, number crunchers or even bean counters. Some...

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Schedule a meeting with Daliah Fritz