2014 is almost over and its time to get organized for 2015. Start the New Year off right! Get organized NOW and create a plan so that you can move forward seamlessly into the New Year.
10 Tips to keep your business finances in 2015:
Give yourself a “salary”. If you write yourself a disbursement from the company in the same amount every month, it will help you to budget your personal finances. You could always adjust this amount if needed. Please remember that your entire Net Income is taxed. Taking money out of the company as a disbursement does not change that. So make sure you are keeping that in mind and putting money aside for taxes.
Keep logs of business use of personal items. If you use personal items (ex: car, cellphone, etc) for business use as well, keep a log of the business usage to assist in splitting the costs at the end of the year. Once again…talk to a tax professional about what type of record keeping you need to have.