November News To Know
Dear Clients & Friends,
As the extended tax season comes to an end, we appreciate you trusting us to provide the best possible service to meet your financial planning and accounting needs. If for some reason you missed a recent deadline, please call us immediately.
With the busy holiday season just around the corner, now is the perfect time to get ahead of the game and share your YTD 2023 information. Since you have data through October, we can use this information for effective tax planning—including taking advantage of various opportunities before the year ends, such as:
- Retirement planning
- Donor Advised Fund
- Health Savings Account
- Cost Of Living Adjustments
November is the perfect time to assess your 2023 performance to optimize your financial situation. We explore each of these strategies and more in greater detail on our News & Insights page! You can browse all of our most recent articles here, or you can call us today to find out how we can help.
In addition to being proactive about your financial strategies, it’s also important to be proactive about your financial safety. One of the most recent scams that gives us a lot of concern involves a fake letter from the IRS posing as the US Business Regulations Department. This is one to watch out for and share with your family and friends. Additionally, we have created a 5-part series on common scams and frauds, that starts this month. At CJBS, we know how important it is for you to stay on top of your financial health, and that includes your financial safety. We hope this series will assist you in protecting yourself and your loved ones from these financial predators. You can read part 1 of our series here.
For our business owners, here are a few things to keep in mind as we draw closer to December 31st:
- Secure W9s for every contract worker now. Business owners, including sole proprietors, must file 1099-NEC by January 31, 2023, reporting payments for services over $600 to any given individual, LLC, and/or attorney/law firm. Current W9s are needed to timely issue and file 1099s by the deadline to avoid a non-filing penalty per contractor.
- If you use an automobile for your business, remember to record the odometer reading on 12/31/23 to log your business mileage for 2023 and to start your 2024 mileage log.
- Be sure to account for your 12/31/23 year-end inventory.
Whatever your situation, we are always available to help you improve your financial health. Reach out to your CJBS team member today to learn more.
Stay safe & healthy,
The CJBS Team