With holiday parties and vacation days looming in the coming weeks, it’s easy to forget about those important details that need to be taken care of in your business. But the end of year marks a deadline for many important tasks related to corporate compliance. Put these to-dos on your task list and make sure to check them off before December 31.
Review Your Expenses
You might not log into your accounting software weekly and review your expenses, so you may have a pile of items to categorize. This will make tax time in April go much smoothly. Use the IRS’ business expense list to simplify the process and make listing your business expenses on your taxes easier.
Update Your Marketing Plan
January will be here before you know it. How do you want to market your business differently this year? Now is a great time to assess what worked and what didn’t in 2014 and tweak your plan for next year. You might, for example, want to put more effort into guest blogging and cut back on your advertising spend.
Review Your Business Structure
If your current business structure isn’t cutting it, now is the time to consider a better one. Both the LLC and Corporation offer ample benefits, including protection of your personal assets and some tax perks, but you’ll have to dig in to determine which is the right fit for your business needs.
Update Your Social Profiles
This is a task that many business owners don’t think about, especially if they’re not logging into social media sites like Twitter directly (you use a social dashboard instead). But spend some time revamping your social bios and images for a fresh look. It’s a good idea to do this annually or every few months.
Shutter an Inactive Business
If your business ceased operations this year, you need to take care of some legal paperwork before year’s end. If left alone, an inactive business can cost you in taxes and license fees.
File Corporation Paperwork
If your business is already a corporation and you’re operating on a calendar year, you may have forms you need to submit to remain compliant, such as your Board meeting minutes or updated statement of information.
Review Business Goals
With those New Year’s resolutions right around the corner, now is ideal for reviewing last year’s resolutions or goals. Did you accomplish them? Even come close? You may keep some goals for 2015, modify them, or change them completely.
Once you’ve checked all these tasks off your list, go celebrate the holidays with your team!