The major tax deadlines for March 2015 are upon us. It is a great time of the year to consider an annual business checkup. The benefits of a review now will help you plan for the future.
Major Tax Deadlines 2015
- March 2 – Payers must file 2014 information returns (such as 1099s) with the IRS. (Electronic filers have until March 31 to file.)
- March 2 – Employers must send 2014 W-2 copies to the Social Security Administration. (Electronic filers have until March 31 to file.)
- March 2 – Farmers and fishermen who did not make 2014 estimated tax payments are required to file 2014 tax returns and pay taxes in full.
- March 16 – 2014 calendar-year corporation income tax returns are due.
- March 16 – Deadline for calendar-year corporations to elect S corporation status for 2015.
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Make Time for Your Annual Business Checkup
You get an annual checkup from your physician to monitor and manage your personal health. Shouldn’t you do the same for your business? To keep your operation in top shape, consider an annual business review. The benefits of such a review are evaluating current performance and better planning of future operations.
Some things you should evaluate in an annual business review include the following:
- Revisit your business strengths, weaknesses, and opportunities. Is your competitive position improving, or are you losing ground?
- How did you perform relative to your business plan? Did you meet or exceed your objectives? Are sales, profit margins, and cash flow improving?
- Get a pulse on your customers. An annual customer satisfaction survey is a great way to assess performance, obtain insight on potential new products or services, and to let your customers know how much you value their business.
- Evaluate your team. Are you developing a superior team, employing their unique talents, and training them to improve performance? Do you reward on merit or simply on seniority?
- How effective is your marketing? Are your current methods and channels working well, or are you simply doing what you’ve always done?
- Meet with your insurance agent. Is your coverage adequate and appropriate for changes in your business activities and acquisitions?
- Review your business tax strategy. Identify opportunities for tax savings. Are you using the right form of business entity? Are you aware of recent changes in the tax code that might benefit your business?
- How is your score keeping? Do your measurements track your progress or do they measure things that don’t matter? What are the key performance measures that drive your business?
If you are serious about improving your business, consider a yearly assessment of your operation. For any assistance you need, give us a call.