This is the time of year when many small businesses are scrambling to to meet budget and revenue goals, as well as prepare for taxes. Business owners can do themselves a huge favor by keeping accurate and current records of all business and financial transactions. If you wear many hats, including Accountant, be sure that you utilize your accounting software to the fullest extent. This will help you get through year-end close and taxes smoothly, so that you can focus more of your time on your business!

The IRS has announced the new mileage rates for 2009. Beginning January 1, 2009, the rate is 0.55/business mile driven, down 3.5 cents from the current 0.585/business mile driven. You can also find a wealth of information about taxes for your small business or self-employment at the Internal Revenue Service’s Small Business and Self-Employed Tax Center.

If you have questions or need help with your small business accounting, data systems, or reporting, please contact me at info@coakleysbs.com.

Happy Holidays!