In today’s news, we hear and observe all the mess that our new President Donald J. Trump has under his sleeve and his next trap move. Yes I said trap move. His plan is to remove the regulation on banks, credit card companies, and other financial institutions via the Dodd Frank Act. Obama implemented this law after the financial crises of 2008. Ladies, I say all that to really stress that right now is the time for you to control your finances and really learn our financial and tax laws that apply to your life and business.
On the other hand, all we can do is manage our finances effectively to protect our goals and future. Here are a few tips to help you better manage your finances:
As a business owner, you owe your business the responsibility of tracking, monitor and to control your money and costs. The only solution to managing your business finances is with bookkeeping. Bookkeeping tells your money story.
As small business owners, I feel we are alone now since President Trump is in office. Why? I feel that we have no advocates for our small business benefits. Why? All the proposed laws actually hurt us as Entrepreneurs and individuals.
You cannot monitor each modification to the tax law—that is the work of your tax preparer and/or the accountant. However, you should remain abreast of essential changes—including all proposed changes affecting all small businesses. For instance, the due dates for Partnerships and Corporations in the upcoming 2017 filing season. Reading business news/headlines often should alert you to anything significant.
Create a retirement plan or make payments to an existing plan before December 31 to lower your income for this year. This is the time to max out your contributions. If you’ve not yet opened a retirement account, talk to your financial advisor to know which plan is good for your business.
Most of us fear tax time due to all the paperwork we have to gather and organize. Avoid this headache by automating as much of your accounting as you can. Start now, and you will be on track for coming year.
Use a cloud-based accounting app or software, like QuickBooks, which syncs with your bank account. Better yet, add an app which tracks your expenses by taking pictures of receipts on your smartphone or any other mobile device, they upload automatically. If you use mobile-payment processing applications, such as Square or PayPal, get accounting software like Quickbooks that have apps that sync.
With all the major political changes we have no choice but to protect our money, assets, and future. Ladies, there is no better time to get your stuff in order.
Suncrest Financial Services