As the year winds down, it’s a perfect time to take a proactive look at your books. By projecting your financials for November and December, you can get an accurate view of your 2024 numbers now—helping you make strategic tax planning decisions before the year ends.
Here’s a quick plan to set yourself up for success:
- Update Your Records Through October: Make sure all your expenses, income, and accounts are fully up-to-date through the end of October. Accurate records are the foundation of a good projection.
- Use Your Monthly Average for a Year-End Projection: With ten months of data, you can estimate your November and December numbers based on your monthly average. This “full-year” view lets you anticipate your tax liability, cash flow, and other financial considerations well ahead of time.
- Make Tax-Efficient Decisions in November: Once you have your projected year-end numbers, you’ll have a head start on any strategic tax decisions. Consider timing major expenses, adjusting deductions, or consulting a tax professional before December is in full swing.
Our software makes it easy to track all your relevant business financials, so you can focus on making informed decisions now, not scrambling in January. Here’s to ending the year with confidence!
For more tips and personalized help, don’t hesitate to join our upcoming webinars and monthly DIY client hours. We’re here to support you every step of the way.