Wrapping up the Year – Small Business Entrepreneurs

It’s the end of 2018…and what a year it was.  As an entrepreneur the year was probably filled with some highs, some lows, and a lot of hard work. It’s […]

It’s the end of 2018…and what a year it was.  As an entrepreneur the year was probably filled with some highs, some lows, and a lot of hard work. It’s important to take some time for yourself to refresh your spirits and re-energize your drive for the next year.

In order to rest more soundly over the break, we asked Catalyst Supervisor Melissa for a few tips to consider when you’re wrapping up the year. Here’s what she came up with from a financial standpoint:

  1. Catch up on your bookkeeping so that it’s all ready for your accountant.
  2. If you are in a home office, prepare all of your home office expenses. This can include electric, water, heat, mortgage interest, internet, and more.
  3. Make sure your mileage information is ready. This includes kilometers used for your business, gas, insurance, maintenance, and more.
  4. Ensure you have put some money aside for income taxes, if not, start saving now! Personal Income tax must be paid by April 30th.
  5. For sole proprietors income tax returns are due June 15th, however taxes must be paid by April 30th to avoid interest.
  6. If you are curious and want a quick tax estimate, call your trusted advisor.
  7. Start a folder for all of the income tax statements that will be coming in.

It’s also a time to get organized. Decluttering your space will also declutter your mind. Clarify the business you are trying to build and energize yourself for a new year that is going to be even better than the last. Remember we are here for you every step of the way.

You can contact Melissa at 403-750-7689.