If your business operates as a proprietorship then you have a December year-end for tax purposes. This means if you have inventory, you must count this inventory at the close of business on December 31, 2021 so you have the number needed to complete your 2021 tax return. Also, any corporation who has a December year-end needs to be counting their inventory on or near to December 31st. You should plan that now.

If you don’t want to count inventory on New Year’s Eve (and who does?!) you should plan the count for January 2, 2022. Or maybe you are closed between Christmas Day and New Year’s Day so you could count on one of those days. You do have to count before you open for business in the New Year.

Do you need to close operations at some point so that the inventory stays still while you count it? Do you have a record of what should be in inventory? This happens if you keep track of what is purchased and what is sold. In that case you know how much of each product is in inventory and the count is to check that amount. If you do not have an inventory number until you count it, then you will take longer to do this count, so plan for that time period. Think about this count now, make a few plans and the count itself should go smoothly.

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