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NEW YORK (AP) - Small business owners who are lucky enough to have some down time in the next few weeks should use it for a midyear financial checkup, and to tick some other chores off their to-do list.
Accountants and tax professionals say the summer is a good time to take stock of a company and see whether it's meeting its goals and whether there's enough cash on hand for tax payments. It's also time to make decisions about equipment purchases and other capital spending for the second half of the year.
"You want to assess, are you making money or are you losing money," said Barbara Weltman, a tax attorney in Millwood, N.Y., and author of "J.K. Lasser's Small Business Taxes."
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