The End Of The Year Accounting Checklist
We concluded the last year but it has not dawned on some individuals that we are in a new year. Apart from getting through the holidays writing down some resolutions, one also needs to ensure that they file their taxes. There are chances that such expectations may leave you feeling overwhelmed, but such a feeling is common. If you need guidance of the end of the year accounting, read on and get the checklist of tasks that will help you get closer to a new year.
The first thing that you will have to do is to review your last year’s income and the expenses as well. It is important that one takes a look back at the year that ended and try to determine their accomplishments in the year before they can set aims for the new year. You might have been impressed by your accomplishments in the last year or they might not have been impressive. Statistics according to the National Financial Capability study have revealed that in 2015, more than 18 percent of Americans spent more cash than they earned. The new year is a new opportunity for you to take better care of your finances and thus you need to get over last year’s poor financial management by forgiving yourself and moving forward. If you want to move through your end of year accounting efficiently and with ease, the essential step to help you is getting organized.
One also needs to consolidate the tax and income documents as part of your tax and income proof. When you consolidate documents to use for filing taxes, the processing of filing taxes becomes easier. Some of the documents which you need to help file taxes include the W-2s, alimony received, proof of health insurance, mortgage documents, 1099s and other documents which make sure that IRS understand your income and your expenses.
One needs to take care of their finances if they expect the finances to take care of them and it is beneficial to take end of year accounting seriously. If you are yet to get confident about the end of year accounting even after going through this checklist; you might need the assistance of an expert and an educated, and trained person offers you the perfect solution. The expert accounting services such as those available at mcnewassociates.com will help you differentiate between a decent accounting job and a great accounting job.
To make the next year a great one, start it by having a planned and feasible monthly budget but at some point, you might shift from the budget due to lifestyle and avenues. You might find out that you have accumulated too much debt from shopping in your last year and no matter your stage of life, work to get rid of existing debt.