Conducting Mid-Year Financial Assessment

organization which is one of the things that I see a lot of small business people struggle with and you know you're working long hours you know getting your jobs done and that it's organizing your records and your books is just always I hear I don't have time for that I'm I'm busy making money but uh I've had and I have it sometimes on the on the good side where people are putting enough money away but more often than not it's the times that people just don't understand what they're going to pay tax on what records they need to keep and putting aside enough money um to account for taxes as well I I consider it being either Proactive or reactive what we're talking about today is being proactive it's about knowing exactly where you are and you I personally going to recommend starting in October at the latest yeah to get your taxes done so what you really do is you go from January to October and you tally this is the way I do it now Jeff is going to probably come up with a recommendation of a different way but I tally everything that I've got for my expenses and for my revenue and then I categorize it so I know where my advertising expenses my phone expenses from January to October and I also know at that point how much money I brought in from January October and that gives me two months to plan ahead last year because I did this it gave me enough time to buy two pickup trucks a skid loader eight mowers a trailer invest into my retirement fund I don't remember what do we call it 401K 401K um and to do all of this all of these things that had I waited I would have been reactive and I would have had no options I would my timeline would and I was talking to other business owners when it struck me that not a lot of people understand or even begin to know this concept in fact one of my close friends owns a pretty big underground utility company and he was telling me about how he negotiated purchasing some heavy equipment worth hundreds of thousands of dollars and part of that negotiation was they were willing to backdate the purchase date on the piece of equipment to help him out with his t taxes well that shouldn't be part of the negotiation at all you should you should be able to do that ahead of time and know exactly where you're at so Jeff is going to be here and help us understand what we've got to do so what are we looking at how how would you like to see people bring in their pre-season tax planning to you what yep sure and real quick you I just want to…