This weekend is New Year's Eve and New Year's Day, and so this week in our Freedom Friday blog and email newsletter I want to wish all of you a Happy New Year. It's time to say goodbye to 2022 and hello to 2023. Many changes are in the works in the coming year, but in today's Freedom Friday blog and email newsletter, I want to share my Top Ten Tips for your small business in the new year.
Verify Information for Contractors
If your small business has independent contractors, you will need them to send their 1099s for tax purposes. Now is the time to make sure you have their W-9, their correct mailing address, social security number or federal tax ID number, and other information so that you or your tax professional can prepare their 1099 for them.
Get Ready for Taxes
Every small business owner will need to file taxes in 2023. Now is the time to review your books, gather your financial documents, and coordinate with your CPA or tax professional whatever you will need to file taxes in 2023.
Hold Your Annual Meeting
If you haven't held your Annual Meeting yet, and this is required by your bylaws or operating agreement, you need to schedule and hold your Annual Meeting with your members, shareholders, or owners as soon as possible.
Prepare Your Budget
Now is the time to prepare your budget for 2023 if you haven't done so already. What are your revenue projections for 2023? What expenses will you have in the new year?
Set Your 2023 Goals
Now is also the time to set your 2023 goals. What do you hope to have your small business accomplish in 2023? Do you have a plan in place to achieve your goals?
Check Your Status with the Oklahoma Secretary of State
Every year certain business entities go inactive with the Oklahoma Secretary of State because they don't renew their annual certificate, which is required to stay in good standing. Now is the time to check and make sure you're still in good standing, and if you aren't in good standing, pay the minimal fee and get reinstated.
Amend Your Articles of Organization or Certificate of Incorporation
While you're checking your status with the Oklahoma Secretary of State, it's also a good idea to consider if you need to amend your Articles of Organization for your LLC, or your Certificate of Incorporation for your corporation or nonprofit. If you've changed the name of your small business, your primary business location has moved, you've changed your registered agent, your members, directors, or something else, now is the time to update this information.
Consider S Corporation Status
Now is the time to consider how your small business will be treated for tax purposes in 2023. If your small business is not already taxed as an S corporation, you will have two and a half months after the new year to make that election with IRS, if desired. This is a good time to discuss with your CPA or tax professional whether or not S corporation status makes sense for you and your small business.
If you have any third-party or vendor contracts, now is the time to review those contracts to see if any of them have expired or will expire soon. You might also need to consider if you need to renegotiate the terms of the contracts, and you should check if the contract will automatically be renewed. If you wish or need to cancel the contract, you may need to provide advance written notice to the other party.
If you have a business coach or mentor for your small business, now is the time to schedule a meeting with them to make sure you start 2023 on the right foot. At the same time, you should schedule a meeting with your CPA or tax professional to make sure your tax documents are in order. Lastly, this is a great time to schedule a meeting with your attorney for help with reviewing your contracts, amending your operating agreement, or just discussing any challenges facing your small business.
On behalf of Liberty Legal Solutions, LLC, have a happy new year 2023!
Thinking about starting a small business? Or maybe your small business is having issues with contracts, leases, business partners, collection issues, or experiencing other barriers to growth? Please contact me at [email protected] to schedule a FREE strategy session.
For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com/