Now is an excellent time to do a mid-year assessment of your business. An article in the Seattle Post-Intelligencer explains that it is important to review your finances in order to make sure you are stinking to your budget, paying the right amount of taxes and knowing if you are making money.
According to tax professional Barbara Weltman,
“You want to assess: Are you making money or are you losing money?”
said Barbara Weltman, a tax attorney in Millwood, N.Y., and author of
“J.K. Lasser’s Small Business Taxes.”
There are also tax reasons for a midyear
checkup. Noting that sole proprietors have two estimated tax payments
to go for 2007, due Sept. 15 and Jan. 15, Weltman said, “You don’t want
to be overpaying or underpaying.”
In Quickbooks,reports for the Balance Sheet,Income Statement and Tax Prep can be run easily. Go the Report section of Quickbooks and use the drop down menu to select the want to run. Make sure that the report is for the accounting method you are using–cash or accrual.