Your bi-weekly dose of bookkeeping and small business financial tips to help you make sound financial decisions with confidence.

Happy Wednesday, Reader! ​
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As the leaves start to turn and we bid farewell to the last warm days of summer, it's time to turn our focus towards the final stretch of the year—Q4.

It's the perfect moment to fine-tune your financial goals and set yourself up for a strong finish to the year.

Today's News:

The IRS releases a draft of the 1099-DA form Buying and selling any cryptocurrency? You should definitely check out the newly released 1099-DA draft. Based on IRS guidance, it’s likely that stablecoin and NFT transactions will be reported to the IRS on Form 1099-DA if your gross proceeds reach the following thresholds: NFTs: $600+ Stablecoins: $10,000+ Read More

One thing before we head into planning.​
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Now, onto Q4 Prep!

Here’s a simple guide to setting and achieving your financial goals for the last quarter:​
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Your Success Blueprint

• Reflect and Assess: Start by reviewing your financial performance from the previous quarters. What worked? What didn’t? This reflection helps you understand where you stand and where you need to go.
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• Define Clear, Achievable Goals: Set specific, measurable, achievable, relevant, and time-bound (SMART) goals. Whether it's boosting sales, reducing expenses, or increasing cash flow, having clear goals helps you stay focused and motivated.​
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• Create a Strategic Plan: Break down your goals into
  ​actionable steps. Develop a plan with deadlines and assign responsibilities. This helps in tracking progress and ensures that your goals are not just wishful thinking.
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• Monitor and Adjust: Regularly review your progress and make necessary adjustments. Flexibility is key—if something isn’t working, don’t be afraid to tweak your approach.
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• Celebrate Milestones: Don’t forget to acknowledge and celebrate your achievements, no matter how small. This keeps the momentum going and boosts team morale.
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End-of-Year Financial Planning Tips

• Review and Reconcile Accounts: Ensure all your accounts are up-to-date and reconciled. This reduces the risk of errors and prepares you for a smooth tax season.​
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• Plan for Taxes: Take time to understand your potential tax liabilities and explore opportunities for deductions. Planning ahead can save you from last-minute tax headaches.
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• Assess Budget and Spending: Revisit your budget and assess spending trends. Identify areas where you can cut costs or reallocate funds to better align with your Q4 goals.
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• Prepare for the New Year: Start laying the groundwork for the upcoming year. Setting preliminary goals and budgets can give you a head start and make the transition into the new year smoother.

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As always, I'm here to help you with your bookkeeping needs and provide guidance on achieving your financial goals.
​Here’s to a successful Q4.​
​– Amber

Brought to you by Dogwood Mtns Business Services LLC.

113 Cherry St #92768, Seattle, WA 98104-2205
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