June 30th was the halfway point of the year! Why not take a proactive view of your tax forms and review your employee and subcontractor. It is a great time to do a small business mid-year review to look at your business goals, product line, your 1099-misc paperwork, subcontractors’ documentation, bookkeeping files, Profit, and your Employee W-2 information to make sure everything is in order.
What areas should I review in my small business when I do a mid-year review?
Below are the areas you can check to make sure all your information and your files are correct.
- The official name of the subcontractor company, Employer Identification Number, and addresses are correct.
- Subcontractors’ social security numbers are correct.
- Employees’ names and social security numbers are correct. Check to make sure all your W-9 papers for your employees are in their files.
- Run a 1099-misc sample report with this year to confirm that the report runs correctly with the proper info in it.
- Revisit your deductions for your home office to make sure all the receipts are in order.
- Make sure your bank and credit card statements are up-to-date, and all checks have cleared.
- Revisit your goals for this year and modify them as need be depending on the year so far.
- Revisit product line to see what is profitable this year and determine if you want to phase out other products.
Making a point to check out these areas will give you an idea of how your year is going and you can adjust your focus for the second half of the year to help improve your revenue. How often do you look at your YTD numbers? What tips do you have to keep your business going strong? I would love to hear from you. Please share and start a conversation.
Below are some additional posts that talk about reasons you should do a mid-year business review.
7 Benefits of a Mid-Year Business Review
A Mid-Year Review Can Keep Your Small Business on Track