Ready for your mid-year accounting checkup? This year, more than ever, it’s a great idea to check in with your accountant mid-year. The end of June represents the end of the first half of the year. For most people and most businesses, 2020 has been a whirlwind of a year on many fronts. Finances are no exception. Let’s look at some reasons why Summer is one of the most crucial times to meet with your accountant.
Get a Jump Start on End of Year Tax Planning
With the economic upsets that took place in the first half of 2020, tax planning can be more complicated than ever. Instead of looking at tax-saving strategies at the end of the year, plan now with the data you have for the first six months. Before you file your taxes for 2019, have a clear picture of what your 2020 taxes may look like.
Plan Second Half Financial Strategies at your Accounting Checkup
With Your January to June income and expenses in hand, sit down with your accountant and review the year thus far, while planning and forecasting the rest of the year. It’s always easier to be strategic with the knowledge of your current situation.
Look For Adjustments in Your Estimated Taxes
To put it mildly, everyone had their expectations thrown off, at least a little, in the first half of this year. The plan for paying your estimated taxes during 2020 may need to be adjusted, and now’s the perfect time to consider adjusting your plans. Meeting with your accountant can help you understand the best strategy for meeting estimated tax plans through the end of the year.
Reevaluating Business Goals at Your Mid-Year Accounting Checkup
Although results for the first half of 2020 will be an anomaly, your CPA can still use this data to discuss where your business should be headed, and together you can look at changes in business goals. Some business owners, while pivoting to adapt, have found new ways of doing business. A few have even found new businesses altogether!
Now is the perfect time to look at what has worked, and what strategy should be abandoned or adjusted.
Get Organized Ahead of Time
Work with your CPA right now to get organized and make things simpler, going forward. Most of us end up doing this during the rush of the holiday season at the end of the year. Why Wait? Ask your trusted accountant for advice on year-end planning. Find out what you can do now to make things simpler during the hectic months.
JStevens Accounting Can Help You With a Mid-Year Accounting Checkup
At JStevens, we’re a family-owned business, and we value our customers and treat them like family too! If you’re looking for accounting or bookkeeping services, contact us today. Let’s sit down together, talk about your mid-year plans, and strategize for the rest of the year. You’ll have the peace of mind you need… with plans in place for the rest of this year… and going forward!