It’s the 4th quarter of the year and you still have a few months to take care of personal and business money matters that have been following you all year. Here’s a “To Do” list that will help you close out 2015 and start 2016 in a strong way!
- If you’re self employed and expect to owe $1,000 or more when you file your 2015 annual return, you should have been paying quarterly estimated tax payments this year. But if you missed the March 15th, June 15th and September 15th dates, submit by January 15th 2016 the amount in self employment taxes you estimate owing for 2015. Click here for an article on the Basics of Estimating Your Tax Payments.
- If you’re a tax exempt organization and your fiscal year ended June or July, prepare to file the 990, 990 EZ, 990-N or 990-PF by mid November or December respectively.
- If you received an extension to file your 2014 federal and state tax returns, you have until October 15th 2015 to file.
- Plan for the next year. Prepare an operating budget that captures the income you estimate receiving and expenses you expect to incur to run your small business next year. To make life easier, first decide on the activities, products and services you want to offer next year and make a budget for each. Total all the individual budgets to arrive at one.
- Plan for any big ticket items you expect to pay for by year end: Vacation, Holiday dinners, Gift shopping, a Fall or Winter production.
Have a Happy Fall!
Your Art & Money Matters coach