End of year tax preparation tips

It’s coming up to tax season. As you get ready to end the financial year, here are some handy tips to make things easier for you and your accountant, and hopefully save you time and money.

• If you are likely to have an income tax bill, see if you can bring forward any July expenses. This is particularly effective if you reconcile your accounts on a cash rather than accrual basis. Anything you can pay before the 30th of June will effectively reduce your 2024 tax liability.

• Ensure all expenses dated before 30th of June are reconciled and balanced, saving your accountant from having to make queries and bill you for more time.

• Get together all your bank statements, showing the opening balance from the 1st of July 2023 and the closing balance for 30th of June 2024. This includes any loan or credit card accounts.

• Make sure any transactions that are held in suspense are reconciled and balanced correctly.

• If you manage your inventory, check your opening and closing balances and note any adjustments if required.

If you need help with your 2024 taxes or anything else, please contact us today.

Disclaimer

This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided having regard to your objectives, financial situation and needs.