Changes to consider for 2012

As the 2011 tax season winds down and we look to prepare for 2012 taxes, I noted a couple of things for you to consider changing in your business.

First, switch to paper bank statements.  On-line is great put no one looks at them until when you need them for an audit.  Then you will realize it can be pricey getting copies of cancelled checks.  Not to mention the time delay.  I have one client who closed out their account and needed copies of the statements.  Since all statements were on-line, the statements were no longer available and they needed to go to a branch to be verified and then have the statements printed.  They called the branch and yes, that would be no problem.  So off to the branch but they were “too busy” to print out the statements.  Back to the office and call to customer support and the statements were able to be faxed.  That stress could have been avoided by having paper statements and not being with a national bank.

Second, switch to a local bank or credit union.  The national banks have their ideal customer base but it is not a local business.  The local community bank will be more responsive to your needs and are more interested in you as a person.  I switched this year to a local bank.  I had one of my puppies with me and the bank employees all came over to meet Brighton.   I went to close my account with the national bank.  No one came to greet Brighton and they observed “you have a dog there.”  So I am really enjoying my local bank and have developed a relationship with the employees.

Third, get your taxes done as soon as possible.  Running a business provides enough to do on a daily basis that having your taxes done and knowing what the outcome gives you piece of mind.  Even if you owe money, at least you know the amount and are not wondering how the taxes will shake out.  The clarity will allow you to focus on the current year and not think about the past.  Try it in 2012 and you will feel the difference!

This entry was posted in Equine, Income taxes and tagged , , , . Bookmark the permalink.

3 Responses to Changes to consider for 2012

  1. Carol says:

    I use online statements from Wells Fargo. They can provide me with photocopies of checks as far back as 01/01/06 at no charge and within 4 hours.

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