iDrive tip: Planning for year-end tax reporting

Today’s tip is a reminder that the end of the year is approaching.  It’s time to think about ordering forms you will need for year-end tax reporting.  Microsoft offers business forms that are 100% guaranteed to be compatible with your Dynamics software.  Offerings include computer forms, manual forms, tax forms, envelopes, stamps and more.  Visit www.microsoftbusinesschecks.com to see what is available and to order.  Please use Referral Code MM4708 when you place your order.  Search by your accounting software to find forms that are compatible.

It’s also time to start planning for year-end tax reporting.  Remember to verify that you have gathered 1099 information like tax ID numbers and entered everything in the system correctly for your vendors.  Verify that you’ve updated addresses and collected social security numbers for employees as required.  Schedule a call with your accounting firm to ensure that you adequately prepare for any special year-end tax provisions like expiring credits or depreciation calculations.

And it’s also time to plan for the year-end close for your accounting system.  Mark your calendar for key dates like the last payroll of the year.  Consider running system maintenance if you don’t regularly do that so you can identify and correct any issues early.  Gather checklists required for your system.

We hope these year-end planning tips are helpful.  Please let us know if you have questions.