This season is one of the most important times of the year when thinking about finances. People are either out or shopping online, and businesses everywhere generally hire more people. Even in these COVID-aware times, parties can happen, and presents are usually given. In spite of all the hustle and bustle, smart people will consult their accountant so that they're prepared. Here are some tips for the holidays.
Personal Accounting
The year's last month is when credit cards get full run-up to their limit. People sometimes take on more debt than they can reasonably handle. If we were only to pass along one tip, it would be to set an absolute budget and not go over it. If you can't control your spending or are still dealing with last year's debt, counselling might be the best present you could give yourself.
Business Accounting
Accounting in your business never stops, regardless of where you are located. It may be the holidays, but remember to keep track of your cash flow to be ready for any possibility. Make sure you are still sending out invoices as normal. Leaving things to the last minute or completely forgetting will result in added stress, something you don't need as you head toward New Year.
Last but not least, understand what is tax-deductible and what isn't when you're arranging that Christmas party or purchasing favours for your clients.
Contact us if you have any questions to talk to an experienced accountant and tax expert. We can make your Holiday Season less stressful.