Just a quick post to remind you of year end actions you should be taking right now for your small business.
First, as you clean out Christmas from your antique mall booth, make sure you take inventory of your space - as well as inventory you have on reserve in storage. Estimate the value of your inventory in terms of sales, not what you paid for it. You'll need those numbers for your tax preparer. It's far easier to do it now than try to remember months from now what you had on the last day of 2011.
Second, the special equipment write off for small business was extended into 2011. If you've been thinking about getting a shed for your inventory, or eyeing a new van/trailer to haul your goodies, do it this week. Businesses can expense up to $500,000 in equipment. Be sure to call your tax preparer to be sure you qualify.
Lastly, got a boat load of old inventory earmarked for charity? Donate it this week for it to count as a deduction on 2011 taxes. Just be sure to itemize the donation, especially if it's over $500 in value.
When you're done with all that, sit and take time the first week of the New Year to set a few goals for 2012. Maybe you'd like to try rearranging your booth every single month, or completely change out inventory every quarter, or begin a transition into another style. Write it down and make a game plan.
Happy holidays, vintiquers and may you have a successful and profitable new year!