Legal-Ease: End of the year action items for small businesses

Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.

If you’re a small business owner, there are a few things you should add to your checklist before the year is over: Ask your accountant what needs to be done for tax purposes, review your insurance policy for the coming year and make sure it’s still appropriate, and make sure your employees are taken care of during the holiday season.

There’s only a small window of time to complete anything in 2014. For business owners, including farmers, there are some important actions that should be undertaken immediately.

Tomorrow, each small business owner should call his or her accountant and beg for a chance to squeeze in an appointment to discuss what tax planning steps should be done before year’s end. The questions of the accountant should center around what inventory should be sold or carried over to next year and whether the year’s income and expenses dictate purchase or sale of anything to ease next year’s tax bill.

Read Lee’s full article on small businesses in the Lima News here: Legal-Ease: End of the year action items for small businesses

Source: LimaOhio.com, Legal-Ease: End of the year action items for small businesses by Lee R. Schroeder, December 13, 2014

Posted in Small Business and tagged , .