And just like that, 2023 is halfway over – which means the 2023 tax year is just around the corner. At Encurio, we always recommend being as prepared as possible. Here’s our Q3 check-in recommendations for small businesses, to make sure you’re on the right track for success!
1. 2023 Goals and Business Plan
With the half the year gone, now is a great time to reflect back on your annual plan. Take a look at the goals you established earlier in the year. How is your business tracking with those expectations? Have you exceeded your growth goals? Are you a little behind where you expected to be by this time? Looking at your progress in your Q3 Check-In can help you refocus and reprioritize for the rest of the year.
2. Are your records in order?
The end of the year is coming at us fast – which means the time for 1099s is right around the corner. If you don’t have a process in place to collect W9s from your vendors as you go (which we highly recommend as part of your vendor onboarding process), now is a great time to start gathering and organizing your W9s. If you start now, that means you won’t have to scramble in January to collect them at the last minute.
Do you absolutely hate gathering W9s and need a little extra help? We provide monthly reminders for our Relieve Me clients. And, at the Guide Me level, we reach out to the vendors on your behalf – and don’t pay until we have the W9s for your records. Learn more about our service levels and offerings here.
3. Tax Planning
Tax planning is pivotal for you and your business – so pivotal that we’re writing a whole blog about it later this month! Your tax plan will help you understand your finances as they are now and help you plan for the rest of the year, next year, and beyond. If you haven’t had a tax planning appointment with your accountant, make sure you prioritize that for August. Having your planning before the end of October makes it easier to make any last-minute adjustments your accountant may recommend before the end of the year.
4. Q3 Payments
You can’t talk about Q3 without talking about Q3 payments! A huge part of your Q3 check-in should be planning for your payments. If you aren’t sure if you have a Q3 payment due, make sure to investigate. If you do have a payment due, make sure you know the due date (8/15), how much you owe, and how to pay. Paying on time means avoiding penalties – and nobody wants penalties.
5. Check-In on Due Dates
There are quite a few due dates during Q3 that you want to make sure you’re aware of. Here’s a quick list of what’s coming up – pay special attention to the tax filing dates!
- Q3 Payments Due
- Business Tax Filing Extension Deadline
- Individual Tax Filing Extension Deadline
Prioritize Your Returns in Your Q3 Check-In
If you haven’t started your engagement or submitted all of your documents, make sure to get that started ASAP. For Encurio, we recommend having all of your documents in before the end of August. If we haven’t received your documents by the end of August, we can’t guarantee an appointment to finalize your return.