Today is the first business day of 2018 for many businesses. Are there year-end tasks to accomplish? The most time sensitive tasks involve inventory and getting the odometer reading on any vehicle used for business.
Businesses that have not incorporated, known as proprietorships or partnerships, have a December year-end. Many other businesses have December year-ends, it is the most popular year-end due to the fact that December lines up well with personal tax. Individuals file tax returns on a calendar basis, so if your corporation has a December year-end as well, there is not much balancing and re-allocating required to make sure your T4 and T5 forms line up with the corporate year-end.
This is the time to take a picture of the odometer reading on any vehicle that is being used for business. You need this information to give some validity to your mileage logs.
Do you have any inventory? If the answer is yes and you have a December year-end, then you need to count your inventory either on December 31 after the close of business or in January before you do any business.
Get these time sensitive tasks done before you open for business in 2018 and you will have a much easier time getting your business tax return done.
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