Year end

Well, there are only a few days left to December 31, 2014 if that is the day for your end. If not, you still have time. A few things to consider, if you were contemplating purchasing as asset, do it now. Why, you may ask, because even though you have used it for a few days you can depreciate it at the 50% of prescribed rate. Not too bad?

Ensure your bookkeeping is up-to-date and also ensure the bank rec’s were prepared.

Book all your depreciation, often this is not done.

Ensure to capture the interest expenses on any loans (short or long term) often people book the total payments to the principle and forget that the expense portion is an expense account.

Review the financial statements and ensure the numbers are consistent with prior year.

Review your receivables, get an aging report if possible.

Some tax plannings can be done at this stage to defer income taxes, take advantage of those.

Non-cash gifts are tax deductible for your company and are not a taxable benefit for your employees, take advantage!

Think about home occupancy costs and use of your automobile. Have you booked any costs for them?

Happy new year from The CPA Superheroes!

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