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8 Year-End Checklist Tasks To Keep You Organized

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The sun is setting on 2024 and telling Freelancers and all business owners that it’s time to close out the waning year and prepare to welcome the New Year. To make sure that no important matter gets lost in the shuffle during what may be a rush to tie up loose ends, you may appreciate the practicality of a year-end checklist. The checklist is simply a to-do list that keeps you organized as you attend to the many tasks and responsibilities, business and personal, that arise at this time of year. Taxes and other financial responsibilities rank high on the checklist; identifying business (and personal) goals for the New Year run a close second. As you work your way through your checklist, you’ll discover a perhaps unexpected bonus—the checklist also provides an objective assessment of where your business stands as of December 31 and can indicate useful goals and benchmarks for 2025.

Before you become immersed in holiday preparations and celebrations, block out four to eight hours to devote to getting your entity’s house in order. That’s your strategy to eliminate holiday spoilers, like anxiety resulting from uncompleted responsibilities. Call on your discipline and power through the administrative tasks listed below, so you can truly enjoy dropping into parties and celebrating the season with friends, family and colleagues.

  1. Make business purchases. The end of the calendar year is your cue to buy equipment, services, or other necessities for your business on or before December 31, to add to your 2024 tax deductions and lower business taxable income. What expenditures are on your wish list and what does your budget allow? If you’ve had business goals on your mind (and I know that you have!), certain software-as-a-service subscriptions could be on your must-have list. Or maybe you’ve thought of updating business equipment, or items to make your workspace more favorable? Do you need to pay an insurance premium, or upgrade a policy? Maybe you can make an early payment and let the expense be recorded as an asset on your 2025 Balance Sheet. Think also about initiating professional services, for example, a business attorney, or even bringing in a Freelancer to help with projects such as bookkeeping or social media management? Now is a great time to make those purchases, which will result in lowering your taxable income.
  2. Send Form 1099 to your Freelance workers. First, verify that Freelance team members you’ve hired have completed IRS Form W9, so that you will be ready to send to those who provided services of $600 or more an IRS Form 1099NEC . Tax statements must arrive, by USPS or email, no later than January 31, 2025, as required by IRS regulations.
  3. Get your bookkeeping up to date and schedule tax appointments. Before the holidays dominate your focus, bring your books up to date. If you maintain the business financial records yourself, get busy now and review the year’s financial records, receipts and accounting so that documents are organized and closed out for the end of the year and ready for tax preparation time. If you’ll hire a bookkeeper or a tax accountant to handle business taxes, schedule an appointment today to ensure that you’ll 1.) get on the calendar of whom you want to see and 2.) improve your chances of getting an appointment date that’s good for you.
  4. Consider your business legal entity and tax election changes. As a business grows and evolves, it may be beneficial to change your business entity classification or change the tax category. In many cases, forming an LLC or corporation, both of which change the entity’s tax status, can be more complicated when the change occurs mid-year and is sure to complicate that year’s tax returns. Furthermore, changing your tax status (e.g., converting your entity to an S-Corp) is time-sensitive and must be completed before the May 15th due date in most cases. Year-end is a good time to assess whether or not your current business entity type and tax status election are the best choice for your business. Incidentally, making this decision is ample motivation to upgrade your professional services by bringing on a business attorney and/or business accountant (or a very savvy bookkeeper) because you’ll want the guidance of a certified professional such as a CPA, financial planner, or attorney and to help you plan any major changes to have them effective for the start of the new year.
  5. Add dates for taxes, registrations and important filings to your new calendar. What with quarterly taxes, business registration or certificate renewals and other important records filings required of a business, you absolutely want to be ready and not caught unawares by any due dates. Record in your new year calendar all important filing, payment and renewal dates so you can keep your business compliant and in legal operation without incurring costly penalties and fees.
    • Business license renewal
    • Estimated income tax payments
    • Sales tax return filings and payments
    • LLC tax payment
    • LLC Statement of Information filing
    • Business insurance premium payments
  6. Contribute to your self-employed retirement account Investing money in a self-employed retirement account, such as a solo 401k or SEP-IRA, is 100% tax-free and lets you save on three tax categories that would otherwise pay. Instead, money invested in your self-employed retirement account enables you to avoid the federal and state self-employment tax – and book significant savings! Self-employed professionals can contribute up to 25% of annual net earnings, up to $66,000, to a self-employed retirement account tax-free (for 2023). Make your payment on or before December 31to lower your 2024 taxable income.
  7. Cancel any unused memberships and subscriptions. Oh, the best of intentions! You may have signed up for subscriptions, memberships, or other services that renew monthly or annually, which may have been helpful at one point in your business but are no longer useful—or IRT, you found that can’t find a role for them. The end of the year is a great time to review automatic payments charged to your business checking account and verify what is worthwhile and is actively being used.
  8. Plan your goals for the New Year. What next big steps to promote business growth do you see? What might be the next strategies you’ll implement to create a sustainable, profitable business? The possibilities are exciting and yours to pursue, guided by a good plan. In the October 15 post, we explored how you might scale your operation—maybe the new year is when you take actionable steps to do that? To avoid feeling overwhelmed, consider dividing your goals into short-term and long-term projects, breaking your larger goals into smaller, actionable steps you will need to plan ahead. Consider also tasks that can possibly be outsourced by hiring a Freelance professional like yourself? Start your new year goal setting by examining the current state of your business and then think about where you would like to be at the end of next year. What actions appear to be needed to get to that point? Next, break those goals into smaller projects and create a plan of smaller goals for each month of next year. When you start the year with smaller, actionable goals that seem easier to reach, it will seem easier to consistently take those smaller steps that can add up to big changes over time. Setting micro goals in advance can motivate you to develop strategies and implement action items that drive achievement.

Happy Thanksgiving to my American readers! To everyone, thanks for reading.

Kim

Image: © ProHow

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Talking Tax Year 2021

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The new year is just one month old and it’s already time to think about filing taxes. Ugh! Then again business owners, including Freelance consultants, must usually file quarterly taxes so we often have our minds on the subject. As we know, planning is key (for all of life and business!) and the purpose of this post is to support your tax planning.

Let’s start with the question of whether or not you’ll file a 2021 tax return. If any one client paid you at least $400 in total during the year, you must file a tax return. Why is $400 the filing trigger point and not $600, the well-known earnings threshold for paying income tax?Because Freelancers are required to pay self-employment taxes in addition to regular income tax on the revenue you generate (minus business expenses and a few other deductions). While you may not owe income tax on the $500 project you billed, you’ll pay self-employment taxes on that amount.

The Internal Revenue Service compels Freelancers to file taxes like a business owner. In addition to the standard income tax based on your tax bracket and filing status, you are obliged to pay the self-employment tax of 15.3%, which constitutes the Social Security and Medicare taxes that everyone who works must pay, and also pay the half that’s covered by a traditional employer (this requirement does not apply to Freelancers who have U. S. clients but are not U.S. citizens and do not reside in the U.S.).

Clients pay to you the entire amount of the agreed-upon project fee and do not withhold taxes. Total earnings received from each client are reported on a Form 1099-NEC that is sent to you by each client no later than January 31. Freelancers pay the self-employment tax directly to the IRS, on your own.

Now you probably have business expenses to factor into your revenue earned, so if you’re a part-time, occasional Freelance moonlighter, you might not owe either income or self-employment taxes. File Schedule C or Schedule C-EZ to calculate and report business expenses to your state’s Department of Revenue and the IRS.

Freelancers and other business owners who expect to owe $1000 in taxes in a given year must also pay an estimated quarterly tax because, again, no portion of Freelance income is withheld by clients and applied to taxes that are presumably due. IRS Form 1040-ES will help you calculate how much you’ll owe in estimated taxes each quarter. It’s beneficial to you when your estimated quarterly tax is close to reality because if you underpay, you’ll owe the IRS the remaining balance when you file the annual tax return (by April 15). Habitual underpayment of quarterly taxes can cause you to be penalized and compelled to pay a fine, along with taxes owed.

Finally, heads up if you use services such as PayPal or Square to accept invoice or other client payments. Be advised that new tax reporting changes affecting these platforms are now in effect. A new tax ruling gives the IRS information on income that Freelancers and other small businesses proprietors receive via transactions on payment applications.

As of January 1, 2022, businesses that receive payment of $600 or more per year for goods and services purchased through payment apps such as Venmo, Square, PayPal and Cash App will receive Form 1099-K so that the IRS can be assured that you will include those payments in your taxable revenue. In an effort to reduce the amount of unreported taxable income flowing through these payment platforms, the IRS now requires payment app businesses to report on Form 1099-K each of their user’s business transactions (defined as a payment for a good or service). The threshold for reporting was previously 200 transactions per year amounting to a combined total gross payments of at least $20,000.

By lowering the reporting threshold, peer-to-peer payment applications must now report income if a user earns more than $600 from the sale of goods or services in one year. This change applies only to “income received from goods and services,” meaning it does not apply to gifts and other personal transactions, such as reimbursing friends and relatives for rent, dinner, or other social expenses.

If you use payment apps for non-business transactions and you receive a 1099–K. from one of these platforms, examine it carefully and be prepared to clarify your activities with the IRS. There may be a chance that some of your transactions will be reported twice or somehow inaccurately, since these reporting requirements are new. Check carefully the 1099–Ks you receive from your payment apps as well as the statements you receive from clients who use the apps to pay you. Again, be prepared to explain to the IRS that the two 1099-Ks are for the same transaction.

Let’s finish up with a peek at important 2022 tax filing dates to remember:

· January 31, 2022 – Deadline for clients to send Form 1099–NEC to Freelance consultants

· March 15, 2022 – Deadline for partnership tax returns (and LLCs taxed as a partnership) and S-corporation tax returns

· April 18, 2022 – Deadline for 2022 Q1 estimated tax payments. It’s also the deadline for C-corporation, sole proprietor (businesses you report on a schedule C) and individual tax returns. If you file an extension for the deadline, the Individual Tax Return Extension Form is due on April 18.

· June 15, 2022 – Deadline for 2022 Q2 estimated tax payments

· September 15, 2022 – Deadline for 2022 Q3 estimated tax payments

· October 17, 2022 – Deadline for 2021 individual tax returns that received a filing extension

. January 15, 2023 – Deadline for 2022 Q4 estimated tax payments

Thanks for reading,

Kim

Image: Mohamed El Korchi as Matthew, a tax collector who, after a monumental pivot and rebrand, would go on to become a saint, in the Lumo Project, an educational resource designed for anyone interested in the Bible’s four books of the Gospel.

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Coronavirus Cash Flow

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Because federal and state governments chose to require most businesses to cease operations as a way to decrease public exposure to COVID-19, those entities have recently decided to throw a few dollars back at the citizens, to help us manage our financial obligations as the shutdown grinds on. As you may have predicted, the response may be inadequate and imperfectly distributed, but it will help a little bit.

CARES Act Economic Impact Payment

Every citizen and legal resident not claimed as a dependent on someone else’s tax return is eligible to receive an EIP, that is, a Stimulus payment of up to $1200 per person, or $2400 per couple, plus an additional $500 for each child.

Eligibility for financial assistance will be calculated from one’s 2018 (or 2019, if filed) tax filing, so make sure that one or both are completed and in the hands of the Internal Revenue Service and your state Department of Revenue. The new tax filing deadline date is July 15, 2020 for 2019 federal taxes and most states have assigned that date as a deadline as well, but I suggest you verify that ASAP.

Filing for extensions on the federal or state level remains April 15, 2020. To keep abreast of this fast-changing situation on the federal level, check in at http://irs.gov/coronavirus.

Single filers whose Adjusted Gross Income was $75,000, joint filers whose AGI was $150,000 and marrieds filing separately (head of household) whose AGI was $112,500 in 2018 (or 2019) will receive the full amount of the award (see above).

Single filers whose 2018 AGI was between $75,001 – $99,000 and marrieds whose AGI was $150,000 – $198,000 will lose $5.00 for every $100 that their AGI exceeds the $75 K and $150 K single or married filers thresholds. Regarding those whose AGIs are below the thresholds, there doesn’t appear to be a plan in place.

Children who qualify for the Child Tax Credit can help their family receive an extra $500 each. Dependent students aged 17 – 24 years will not bring the Stimulus benefit to the family but working students aged 18 – 24 years who file their own taxes and are not listed as a dependent on the tax return of another are eligible to receive a Stimulus payment for themselves.

The Department of the Treasury prefers to send Stimulus payments electronically so if you’d like to receive payment more quickly, make sure that your bank or debit card info is on file. If the IRS does not have direct deposit information for you as a result of previous tax refunds, there will soon be a website to allow filers to add that information.

CARES Act Paycheck Protection Program

This program was originally created to help business owners who employ fewer than 500 workers to retain their employees in those essential operations that are sanctioned to remain open during the shutdown. The PPP is technically a loan program that has the potential to become a grant. Those who apply need not prove any lost income or financial hardship. It’s recommended to apply for the loan through your business banker.

If 75% of the loan money is applied to payroll expenses and 25% is used to pay operating expenses such as rent and utilities, the loan will then be forgiven and essentially become a grant. If that formula is not followed, the business owner will pay a 1% interest rate, payable over two years, with the first payment not due for six months.

Freelance consultants benefit when the payroll portion of the loan calculation is instead applied to our revenues as determined by one’s “net earnings, wage, commissions and/or income from the self- employment venture.” If the Freelancer employed any full or part- time workers, they must remain on the Freelance entity’s payroll for a minimum of 8 weeks, at the original rate of pay, in order to qualify for the loan, as is the case with typical business owners. If the Freelancer hired other Freelancer contract workers to help out on a project, those contract Freelancers are not covered in the PPP calculation; they may apply on their own for the benefit and include that income.

FYI, PPP loans may be administered only by a pre-approved list of banks and the word is that for the most part, only existing business banking customers will be approved for the loan.

There are now millions of Freelance workers in the U.S. and the demand for PPP loans, which if handled as described above can become a grant, is high. It’s rumored that Congress is weighing the possibility of adding $250 million to the original $500 million appropriated for PPP, so that the Small Business Administration can expand the list of approved lender banks. To be continued.

Thanks for reading,

Kim

Photograph: Kim Clark. Shopping at the South End Whole Foods Market in Boston, MA.

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Keep it Going: Sustaining Your Success

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OMG you did it!! The months and years of working hard and working smart, of knowing when to listen to your inner voice and when to listen to a good adviser, the months of living on four hours of sleep and no vacations for what seems like forever and—–your company grossed $1 million over four consecutive quarters! You’ve reached a milestone that defines success.

OK. So now that you’ve reached the mountaintop, you have to figure out how to keep your footing and stay up there.  In fact, because you are focused, ambitious and determined, you’re already thinking about climbing even higher.  But sustaining and growing your success might demand as much work and determination as you invested to attain it. Here are four commonsense choices that can help you hold on to your earnings and continue the positive slope of your company’s future.

Pay taxes

Meet with a business accountant and figure out how much money you should reserve each quarter for tax payments (usually 30% – 40%). You don’t want to wait until the annual tax time and realize that you owe big money to the IRS.  Before you spread money around, pay the quarterly tax bill and set aside enough to ensure that all remaining tax bills in the calendar year can be covered.

Smart celebration

When you hit the revenue milestone that you’ve defined as your “made it” metric, whether the amount is a net or gross figure, you owe it to yourself to celebrate. What’s important, though, is not only how you celebrate but also with whom.

First, don’t overspend.  If you want to take a week-long spa vacation then go for it, because that will dissolve your stress and prepare you for the work you’ll do to build on your new-found success.  Or maybe you’d like to visit a place you’ve always wanted to see, or return to?  A splurge that refreshes and replenishes your energy stores is likewise always worth it.

Where you want to be careful is the amount you spend on consumer goods.  You may need a new car and if you can afford it, then do so, but be careful about splurging on luxuries.  Buying a Saab or Volvo probably makes more sense than buying a BMW or Benz at this point.  Save real luxury purchases for when you’ve raised your net worth to a more substantial level.

Others may want to throw a party.  Caution is advised when developing the guest list.  The sad fact is that there will be certain individuals, including family members, who will feel more envy than happiness upon hearing news of your success.  If a party is a must-do (and why not?), invite only those who supported and believed in you.

Fair-weather friends, frenemies, passive-aggressives, or critical types who claim that they’re just playing “devil’s advocate” or being “objective” are mostly about undermining and sabotaging. They are not your friends, even if they’re family members.  Don’t invite them and don’t let your mother guilt you into including them.  They don’t belong.

Save money

After you’ve paid down or, ideally, paid off any significant debts, business and personal, it’s time to save money.  Start with your retirement fund. Research options available to you in accordance with the business you own and pay the maximum amount allowed by your age and income level.  Investigate opening a Roth retirement account as a place to hold after-tax money if you anticipate having surplus cash.

Once you’ve figured out your retirement fund strategy, focus on other long-term investments. By all means, invest in the equipment, staffing, technology and office or manufacturing space that will support operations (including customer service), generate ROI and advance the business. But what if the building where you lease space comes up for sale? It might be a good move to buy the building, so that you can control your costs more effectively and also collect some rents.  For that, you’ll need money and a good credit score.

You can give yourself a wish-list savings account to build up cash reserves. There are other investments that can be made as well and to learn about your options, ask people you trust to recommend an investment counselor.  If you’ve got even $5000 to invest, investigate certificates of deposit, online banks such as Everbank, index stock funds, or actively managed mutual funds.

Keep doing what it was that made you successful

Now that you have a blueprint for making lots of money, continue to follow the template and don’t slack off! Don’t think that once you reach a certain level of success that things will just cruise along on their own. You must continue to do those things that created the conditions for success.  You can, however, devise methods that help processes become more efficient—that comes from experience. Operational efficiencies make money.  Plan your work to give priority to income-generating activities, such as sales calls and networking, to conserve your energy and bolster your stamina and creativity.

Thanks for reading,

Kim

Image: Emanuel Leutze (1816 – 1868, Germany) Washington Crossing the Delaware (River) December 25- 26, 1776 (1851)

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Dates to Keep You Straight

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Every year, Freelancers have an important list of dates to remember and act on, primarily those related to tax filings, retirement account management and health insurance plan enrollment. To help you stay organized, I’ve compiled this date planner that brings together all deadlines into one document that you can bookmark, copy into your calendar or even print out and post on your refrigerator.

TAXES

January 31, 2019: 1099-MISC due to contractors
Those who hired Freelancers (independent contractors) to whom they paid $600 or more in the previous year must send 1099-MISC forms by January 31, 2019.  If a client paid you less than $600, then you probably will not be mailed a 1099-MISC, although the IRS nevertheless requires you to report all income.

Do keep scrupulous records of who owes you a 1099-MISC so that you can accurately report your income on your tax return.  Your clients will also send 1099-MISC data re: you to the IRS and any differences between your numbers and the clients’ could trigger an audit.  If you haven’t received a 1099-MISC from a client by January 31, contact your client ASAP and request a re-send.

If you used any subcontractors to whom you paid at least $600 last year, you must likewise send them a 1099-MISC by January 31.

April 15, 2019: Individual income tax filing deadline
You have until April 15, 2019 to file your Form 1040 individual income tax return for 2018. Be aware that April 15 isn’t the deadline to pay your taxes — tax payments for Freelancers are due on a quarterly schedule (see 2019 quarterly estimated tax deadlines, below). If you wait until the tax filing deadline to pay your taxes, the IRS may charge you penalties and interest on top of the tax you owe.

If you’re still waiting for information, or you’re too busy to file a return by April 15, you may apply for a six-month extension that gives you until October 15, 2019 to file. The extension application needs to be filed by April 15, 2019. Remember again that the extension is for filing, not paying your taxes.  Payments are still due on the quarterly schedule no matter when you file and penalties and interest can accumulate if you wait to pay.

QUARTERLY TAX FILING DATES

The IRS requires business owners to pay income taxes on a quarterly schedule. This may seem like a hassle, but it’s easier to pay in four installments than to try and come up with a whole year’s worth of income taxes all at once.

Here are the 2019 deadlines for quarterly estimated tax payments. Note that the four quarters are not of equal lengths: the 2nd Quarter covers only April and May, while the 4th Quarter covers the last four months of the year.

DEADLINE                                                         PERIOD COVERED

April 15, 2019                                                     January 1 – March 31, 2019

June 17, 2019                                                      April 1 – May 31, 2019

September 16, 2019                                           June 1 – August 31, 2019

January 15, 2020                                                September 1 – December 31, 2019

 

RETIREMENT ACCOUNTS

April 15, 2019: Deadline to set up and contribute to an IRA for 2018
Even if you made no contributions to your retirement savings account in 2018, you can still make a 2018 contribution to an IRA up until April 15, 2019. This includes traditional, Roth and SEP IRAs. You can also make 2019 contributions to these plans from now up until next year’s tax filing deadline of April 15, 2020.

December 31, 2019: Deadline to set up an individual 401(K) 
An individual 401(K) is another type of plan that Freelancers can use to save for retirement. One important detail is that an individual 401(K) must be established by December 31st of the first plan year (as opposed to an IRA, which can be opened up until April 15 of the following year). That means it’s too late to set up an individual 401(K) for 2018, but you may set one up for 2019.

Contribution limits 2019 update:

Solo 401(K)                                                                                                                            Employer: 20% of net self-employment income                                                            Employee: 100 % of earned income up to $19,000 (for age 50 years +, up to $25,000)   Total combined contribution: $56,000

Traditional or Roth 401(K)                                                                                                     $6000 annually $7000 if age 50 years +

SEP IRA                                                                                                                                               The lesser of 20% of net self-employment income, or $56,000 annually

 

HEALTH INSURANCE

The open enrollment dates to purchase health insurance for 2020 on the Affordable Care Act exchange will be November 1 – December 15, 2019.  Open enrollment for 2020 through the national health insurance exchange will also be run from November 1 – December 15, 2019.

 

Thanks for reading,

Kim

 

 

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Who Gets the 1099?

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The year is drawing to a close and we’re crossing into the 11th month. Before you become enmeshed in the celebrations and obligations that the holidays demand of us, do yourself a favor and commence your tax planning. Create an accounts receivable and  invoicing strategy once you’ve decided when it would be most advantageous to receive payment for services rendered in this calendar/ tax year or the next. IRS Form 1099-MISC will be at the center of the action; understanding when you’ll need it and when you might avoid it is your goal.

The payment in question is $600, whether it was paid or received by your organization. Review the accounts receivable history of clients for whom you performed small jobs earlier in the year.  If a client paid you less than $600 in this calendar year, you will not receive or need to file a Form 1099-MISC for the money earned on that assignment.

Start with the easy stuff.  If you find yourself in mid-contract with a client as December approaches and the project isn’t urgent, might it be possible to work until just before Christmas and then resume work in the first week of January, if it appears that will allow you to cap your billable amount at less than $600 for the client in this calendar/ tax year?  That can be one less 1099-MISC to file and a little more money added to your P & L.

If the client has a deadline don’t even think of such a thing but if there is no urgency, why not ask the client if s/he might find it more convenient to take a “holiday break” starting in mid or late December? Many employees take vacation days at the end of the year in a “use it or lose it” strategy and offices can be short-handed just before Christmas and through the end of the year.  I suggest that you refrain from mentioning the tax implications.  Frame your suggestion as a way of being sensitive to what may be going on in the client’s office, i.e., customer service.

Similarly, might you be able to defer until the New Year certain invoices, as a way to keep a lid on this year’s income and taxes and wait until the first week of January to send accounts receivable for work that was performed in December? Let a couple of hours work spill over into January and make your New Year invoice legal.

Now let’s consider the 1099-MISC forms that you will generate and send.  Did you hire any sub-contractors to help you fulfill the terms of a project? Have you hired a part-time bookkeeper or social media expert or editor for your newsletter? If you paid $600 or more to anyone for business services or rents in this calendar/ tax year, then you must send that individual/ company a Form 1099-MISC no later than January 31 of the upcoming year.

So that you will have the information to complete the Form 1099-MISC, it will be necessary to request that all of your vendors and other business services providers complete a Form W-9, ideally before the work they perform commences.  Download Form W-9

Among the important pieces of information that the W-9 will surface is if your service provider’s business is incorporated as a chapter C or S entity, or an LLC or partnership that is taxed as a C or S corporation.  Along with commercial rent paid to or through a property management company (instead of the property owner), a 1099-MISC will not be required for those types of entities when payments for services rendered meet or surpass $600.

Payments for services rendered made by gift card, debit, or credit card are not to be included in the 1099-MISC tally.  Instead, the card issuers will send a Form 1099-K to your subcontractors, vendors, or you when the amount paid for business services rendered meets or surpasses $600.

Obtaining the 1099-MISC is an adventure. You must order forms from the IRS, or visit an IRS service center and pick up a few. The form is not available for downloading.  Click here to order Form 1099-MISC.

Thanks for reading,

Kim

Image: The Tax Collector, 1542   Marinus van Reymerswaele (1490 – 1546)                  Courtesy of Alte Pinakothek Museum in Munich, Germany