We’ve talked about if before, and we’ll talk about it again. If you’re a business owner, chances are things for you and your business run pretty tightly on a regular schedule. You have deadlines, and those deadlines are often monthly. Last month, you hopefully took care of all the things related to the New Year that should be done in January. If you didn’t, you might need to take a step back. This isn’t rocket science, so let’s go over what you need done by the end of this month.
It’s tax season! We’re in the midst of the 2014 tax season, and much like Louisiana’s deer season, it’s reeling in the dough. Lame puns aside, there’s work to be done. In our post, we talked all about the 1099 and explained when the due dates were for that. To recap, the 1099 form is much like your traditional W2, except that it’s for contract workers rather than employees. The due date for businesses filing the 1099 was at the end of January. There are many different forms of the 1099, and some are due this month. Copy A of the 1099-MISC has to be filed with the IRS by February 28th, but if you file electronically, it’s due on March 31. So, get to work and get those taxes filed.
Set up realistic financial goals
We all know that January is the time to make resolutions, both personal and financial. Some may plan to save more money this year, others might actually set up financial goals and plans. The problem with January, however, is that sometimes the resolutions are a little too optimistic. Everyone gets all hyped up on the new year and sets unrealistic goals, only to fall short on them and be let down by their misfortunes. In February, after the high of the new year is over, you can actually sit down and plan out your finances for the year. You’ve already had one month of 2014 under your belt, now you should have a better idea of where it’s going.
If you’re in need of funding, or you’re starting a new venture, there are several options you can take. The most traditional is to apply for a business loan at a local bank. Another option is to enter pitch competitions – Grant Morris’ recent Silicon Bayou article has quite the list of them in paragraph 3.
This carnival season, Mardi Gras falls on March 4. That gives you a whole month to prepare your business, both mentally and physically. It’s a good idea to start planning your budget sooner rather than later (if you haven’t already).
For the service, hospitality, and tourism industry, these next several months pay the bills for the rest of the year. Use data from previous Mardi Gras to figure out what’s going to sell. You don’t want to run out of a certain product before Bacchus even rolls!
Your February Tasks as a Business Owner
Looking for a summary? Here’s your quick checklist for Jarnuy
- Make sure you’re well on your way with tax forms for 2013
- Use January’s numbers to make your financial goals for 2014 more realistic
- Start prepping your business for Mardi Gras
This guest post was written by Eric Knoepfler in association with Hibernia Bank. The views expressed herein are those of the author and not necessarily those of any financial institution or bank. This article is intended to provide those reading it with information about matters of current interest. It should not be construed as legal or financial advice concerning a specific topic and should not be acted upon without contacting the appropriate professionals.