Start Early, Stress Less
The key to a smooth tax season is preparation. Use this comprehensive checklist to get your business ready well before the April deadline.
Financial Records Checklist
Income Documentation
- [ ] All 1099 forms received and reviewed
- [ ] Sales records reconciled
- [ ] Payment processor statements (PayPal, Stripe, Square)
- [ ] Cash income properly documented
Expense Documentation
- [ ] Receipts organized by category
- [ ] Credit card statements reviewed
- [ ] Bank statements reconciled
- [ ] Petty cash accounted for
Asset Records
- [ ] List of all business assets
- [ ] Purchase dates and amounts
- [ ] Depreciation schedules updated
- [ ] Disposed assets documented
Key Documents to Gather
Forms You'll Receive
- 1099-NEC: Payments to contractors ($600+)
- 1099-K: Payment card transactions
- 1099-INT: Interest income
- W-2: If you pay yourself a salary
Forms You May Need to Issue
- 1099-NEC: To contractors you paid $600+
- W-2: To employees
- 1099-MISC: For rent, royalties, prizes
Deadlines to Remember
| Form | Deadline | |------|----------| | W-2 to employees | January 31 | | 1099 to contractors | January 31 | | Partnership returns (Form 1065) | March 15 | | S-Corp returns (Form 1120-S) | March 15 | | Individual returns (Form 1040) | April 15 | | C-Corp returns (Form 1120) | April 15 |
Tax Planning Opportunities
Before Year-End
- Make retirement contributions
- Defer income if possible
- Accelerate deductions
- Review estimated tax payments
Before Filing
- Maximize home office deduction
- Review vehicle mileage logs
- Confirm all deductions documented
- Consider Section 179 deductions
Common Mistakes to Avoid
- Missing deadlines: Set calendar reminders
- Incomplete records: Document everything
- Mixing personal/business: Keep accounts separate
- Forgetting state taxes: Each state has different requirements
- Ignoring estimated taxes: Avoid underpayment penalties
Working with a Professional
A CPA can help you:
- Identify missed deductions
- Ensure compliance
- Optimize tax strategy
- Represent you if audited
What to Bring to Your Accountant
- Prior year tax returns
- Current year financial statements
- All income documentation
- Organized expense records
- Questions about deductions
Month-by-Month Action Plan
January
- Gather W-2s and 1099s
- Issue forms to contractors
- Review prior year for missed items
February
- Organize expense documentation
- Reconcile all accounts
- Schedule time with accountant
March
- File partnership/S-Corp returns
- Review draft returns carefully
- Address any issues promptly
April
- File individual returns
- Make any final payments
- Begin planning for next year
Your Tax Season Success
Preparation is everything. Start gathering documents now, stay organized, and don't hesitate to ask for help when needed.
Need assistance preparing for tax season? Our team is here to make the process stress-free. Schedule your consultation today.