December 2023
Here’s a Preview of December Newsletter!
It’s here! The holidays, the last month of the year . . . the close to 2023. It’s actually very exciting because a new year is on the horizon and we get to choose what it means to us.
Here are accounting and tax reminders plus tax deadlines to keep in mind. Read to the very end to hear about the calendar audit I absolutely recommend!
Accounting Reminder
Whether it’s providing your data or reconciling your accounts on your own, a reminder in your calendar to get this task done is the easiest way to stay organized.
If you’ve fallen behind, this is the month to play catch-up. Waiting until January means you have no idea what to expect so if you are that handful of folks that have been struggling to keep up, get to it!
A repeat from last month but so important: during this busy time of year, be intentional about your time. Finances are often a large part of the year-end. Keep this in your top five priorities especially as we inch closer to the year-end.
Tax Deadlines
December 15th
January 15th
The next personal estimated tax deadline is in January. This covers the earnings made between . . .
Another reminder for my sole proprietors who are hoping to itemize deductions and are anticipating paying less than a total of $10,000 in state, local, or real estate taxes in 2023, you may want to consider making . . .
Tax Preparation and Organization
Tax organizers will be sent out in late January to my clients. If you haven't started preparing for the upcoming tax season, start now. Tax forms and 1099s will be made available online or sent by mail between . . .
Follow these tips to be ready for . . .
Tax Planning
I am part of a very small group that gets excited about this but hey, that's part of why you're here!
A couple of tips if you didn't get a chance to prepare a tax plan this year:
Lowering your tax bill involves reducing your . . .
For those who invest . . .
In most instances, you do need to . . .
Donations
Reminder: use the . . . to find out if the nonprofit you are supporting is tax deductible.
Keep in mind that if you are planning to claim a tax deduction, for any donation of $250 or more you are required to . . .
1099 Processing
Most contractors started receiving 1099NEC (non-employee compensation) in 2020 instead of the 1099MISC forms. Wondering if a 1099 is required? Basic rule of thumb for businesses . . .
Tax Laws Discussed But Not Yet Implemented
Two years ago, the IRS was going to implement the requirement . . .
Goals
I’ve started reflecting on my 2023 goals and upcoming plans for 2024. A couple years ago I started doing . . . She inspired this . . . and you can check out how she does it on her podcast . . .
Goals come in a variety of different forms like strategic and logical financial goals to heart-centered aspirations. It is a good idea to have both. Focusing on financial goals only may leave you feeling unsatisfied even when reaching your goal and the same is true when you focus only on how you want to feel doing the work you love. This year, try brainstorming on goals that improve your overall wellness within your business and life.
It's been wonderful hearing about your goals this year and talking about strategies to reach them. I hope you take time to reflect on this past year and next year.
In Other News
Christmas is a big deal here in our home and with three kiddos that means more family time and less work. My ability to provide you with my best self relies heavily on this balance of me time, family time, and passion time. I'm so very blessed that my passion is entwined in my work.
I still have some spots available to discuss services for 2024 in December so feel free to schedule a call.
I hope your holiday and New Years is full of relaxation, joy, and moments of awe!
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