As if being a business owner isn’t hard enough – this year presented a number of usual challenges. However, here we are in late summer and so many small businesses have found ways to keep going and doing so in a (somewhat) profitable way. Way to go!
As is often said on my all-time favorite TV show – What next?*
A lot, actually. Here are 3 things to be mindful of as we round the last bend of summer:
- Take a few minutes to review your expenses to see to which vendors or independent contractors you paid, or expect to pay, $600 or more in 2020. These folks/businesses will need to be issued a 1099 form in January. Confirm that you have a W9 for those who fit this profile. Asking for their W9 now will make your life FAR easier come January.
- Review what you paid to your vendors and suppliers this year in product or subscription fees. Can a more favorable fee be negotiated through the end of 2020? Give them a call and find out.
- Stay connected with your CPA. Touch base with him or her regarding your PPP loan. When do they suggest your put in your PPP forgiveness application? While on the phone, ask them for end-of-year tax planning assistance. A great CPA is a fabulous resource tool for any business. Tap into their knowledge base to make the most of 2020 before it’s over.
Be sure to register for Harmoney Bookkeeping’s free “Talk it Through Thursday” series. Each session touches on a different area of interest for small and medium-sized business owners. Visit HarmoneyBooks.com for the weekly topics and registration link.
*Email me with the name of the TV show and I will profile your business in a future Harmoney Bookkeeping newsletter!