Back to Work For Now
The Thanksgiving weekend has come and gone, and it is now time for us to get back to work, at least for a while. We are now entering the brief period between major holidays and the end of the year. Time is running out to finish our year end responsibilities prior to us going on vacation or holiday breaks. There tends to be a lot to do in a short period of time.
Year End Expenses
Now that December has started, we have less than 30 days to finish our year end expenses. We must begin to access our expenses and make smart fiscal decisions. For those of us that work for major companies this means closing out expense reports and finish filing receipts for reimbursement. For small business owners, this means preparing our company assets for taxes. No matter if your company is big or small it is important to ensure you do not have unnecessary assets. Corporations, and their owners, are taxed on year end profits and assets, those who are careless about their accounting will pay more. So how do you minimize the amount of money you, or your company, must pay in taxes? The answer is simple, ensure you have as little cash on hand or show as little total profit as possible. There are a number of ways to do this. First, pay all the bills you possibly can. If you are caught up try prepaying invoices for products and services for the start of next year. You can also reinvest in your company and employees. Businesses can pay out holiday bonuses or even contribute money in employee retirement funds. Consider upgrades, is your business in need of some new office furniture, accessories, or even company vehicles? There are numerous ways to liquidate extra cash on hand prior to the end of the year, it is important that you do it. Someone will get the money, either the government or your business and its employees. Be smart and ensure you reinvest as much as possible prior to December 31, 2019.
Finalize Holiday Plans
Does your company have a big holiday Party? What are you going to do for New Years? Do you have a holiday trip planned? The answer to these questions vary based on individual preferences; furthermore, what we decide to do doesn’t matter. What does matter is we plan accordingly. December is one of the busiest travel times during the year and if we are not prepared, we are in for a headache. Traveling can be as simple as going across town or as complicated as going across the country. In December, everything takes longer. It is darker for longer, it is colder, snow is more likely, and the roads and airports are more congested. We must realize this and plan our time properly to ensure a stress free holiday break. If you are not taking a vacation and simply staying home or attending some parties, planning is still important. Are you taking part in a gift exchange or do you have any party planning responsibilities? Even small tasks like these involve thought and planning. So do not wait until the last minute and ensure you spend adequate time preparing so you do not have to stress and get things done at the last minute.
Family
The most important part of the holidays is family and it is important we remember this. Gift giving is nice and fun but being with our loved ones is what creates lasting memories. We often lose track of this during the craziness leading up to Christmas and the end of the year. Finishing work projects is important, making holiday plans is also important, but remembering to cherish the moment is crucial. Each Christmas is special and we need to take time to savor the moment. Our children will grow up and we will grow old, don’t let the memories fly by unnoticed. So no matter what tasks we need to finish for work, or what travel or event plans we need to make, remember not to stress the small details. Yes, we will have a lot to do but remember what we work and celebrate for. We do it to make lasting memories for us, for our children, and for our friends.
So this week remember to spend the extra cash at the office, remember to make your holiday plans, and remember to cherish the movements. The holidays and the end of the year is here, embrace it.