Kneading Dough for the New Year?
As the year comes to a close, it’s time to take a look at your budget for the New Year. If you are needing money for the new year, please read on for some business and money tips to get you going for 2020.
The first thing you’ll want to do is make sure you have money for expenses coming into the new year for your business. If you’re able to pay your expenses in advance, like rent, internet, service fees, etc, in 2019, that will help to bring your taxable revenue down. And make sure you set aside your estimated or corporate taxes, which are due on January 15.
This is also the perfect time to start generating leads for the new year! Call people, email them, just start doing the work. Businesses usually have spent quite a bit in December, so having some revenue lined up for the new year will provide financial security for you and your business.
If there are items you have been wanting to invest in for your business, and you have the revenue, purchase those items before December 31st so you can write it off. Yes, you can go shopping. Before the end of the year. But keep in the back of your mind to keep money aside for the first couple months of 2020.
And after setting money aside for expenses, taxes, and investments if you have revenueleftover, don’t be afraid to give your employees and yourself an end of year bonus. -his has added benefits of keeping your employees happy, will keep your taxable revenue down, and help with holiday spending.
Last but not least, make yourself a spreadsheet for your 2020 quarterly and yearly projections. This will keep you on your toes with your budget, so you know when to tighten your expenses and generate some more revenue. So what we are getting at is, spend wisely, you want to start the year off right!