Business owners have several responsibilities this month, including tax filings and planning this year's business-growth strategy. Gathering your quarterly deposits, expenditures, sales and revenue data, and compiling deductions, will take a lot of time - time you need to work on developing new sales.
Fortunately, veterans can get a free business evaluation that will help them achieve success in 2011. This evaluation will take a business' snapshot, and compare it to industry standards as well as to similar businesses in the local area. Also, it will help veterans determine where they need to put more emphasis, and where they might put less. Such evaluations are essential to business growth and can save thousands of dollars over the course of the year. This service is being donated to veterans free of charge. Those interested in participating should contact me by e-mail (see below).
Also, there are changes this year regarding deductions. Take full advantage of deductions to which you are entitled, and plan accordingly for the purchase of products and/or services that may no longer qualify for deductions. If you are self-employed, know that the IRS counts you as a small business. You will need to file a Schedule C or Schedule C-EZ to properly account for your income. Taxes are complicated: don't try to do them on your own. Visit www.irs.gov/businesses, start working with your bookkeeper and accountant now, and if you have questions, ask them early.
Louis J. Celli Jr. is CEO of the Veterans Business Resource Center. Readers can send questions for "On Point" to firstname.lastname@example.org.