There is a lot that goes on with finances at the end of year, and it's important to stay on top of it. In this episode, I am going to give you 11 key finance tips to consider as you wrap up your business year. Make sure to tune in as I share tax and bookkeeping tips, including how to calculate your mileage, how to transition to new programs, what to do with inventory and the ever-popular question of whether you should buy a bunch of things before the year ends in order to lower your tax bill.
Want to create a more profitable business in 2023? Then you need to do a year-end review and plan out your money moves! Download my free Year End Review Workbook (and check out episode 43 for a walkthrough) to review what worked in 2022 from a financial perspective and identify the things that will make you more money next year!
In this episode, you’ll learn:
02:20 Tip 1: Get your bookkeeping in order
03:54 Tip 2: Get tax help and make estimated tax payments
06:25 Tip 3: Record and calculate your mileage
09:00 Tip 4: Count your inventory by Dec. 31
10:30 Tip 5: If you’ve wanted a new system, get it ready to start on Jan. 1st
11:29 Tip 6: S Corp Owners - run payroll for yourself
13:54 Tip 7: Sit down and make a plan for 2023
14:50 Tip 8: Retirement Accounts - when to contribute
19:26 Tip 9: Should you pull expenses into December to lower taxes
23:54 Tip 10: In January, file tax forms for all contractors
25:50 Tip 11: What to do if you want to switch to an S Corp?
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I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!
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