Preparing As the Year Draws to a Close

As a small business owner, the end of the year means more than simply celebrating holidays – there is much more work to be done than shopping for gifts and spending time with loved ones. The last quarter of the year can be overwhelming and stressful for small business owners, so here are a few things you can begin doing now to make your transition into 2019 an easier one.

Revisit Your Employees Information

As the year draws to a close, it is a good time to check over your employees’ information. Did someone move to a new address or get married and change her name? Although your employees should update you when a life event that impacts their withholding status or contact details, life gets busy and people sometimes forget. It will benefit you down the road if you start spending a few minutes with each employee to go over his or her information to ensure all information on file is accurate.

Tax Time is Looming

Uncle Sam will be paying a visit to collect what is due to him before we all know it. We will soon be in 2019 and it will be time to start working on 2018 taxes. Start getting ready for that information now. To begin, make sure you have a completed Form W-4 for each of your employees.

Start Thinking About Change

With the beginning of a new year comes the New Year’s resolutions. The end of the year is a good time to reflect on your business goals and you can start making a plan for what you hope to accomplish in the next year. Whatever goals you would like to meet start thinking about them now and be watchful with them in mind so you can get a head start on things that can be changed and ways you can make your goals a reality.