Save Yourself a Headache Later by Thinking About Taxes Now

April is many months away, but that doesn't mean that you shouldn't already be thinking about taxes. Summer is the perfect time to take stock of where your company stands financially and decide about equipment purchases and other capital spending for the rest of the year, according to an Associated Press article published recently in the Houston Chronicle. If you're losing money, you need to know now so you can make changes; if the profits are rolling in, you need to start thinking about your options (do you withdraw money or leave it in the business to fund growth?).

Summer is also a good time to switch to accounting software or experiment with a new accounting program as well as meet with an accountant or financial adviser, since their business tends to be slower this time of year. Save yourself a headache later and get a jump on preparing for taxes now by checking out our Manual, The Essential Guide to Taxes, in our Feb./March issue.