ᗯᕼᗩT YOᑌᖇ ᔕᗰᗩᒪᒪ ᗷᑌᔕIᑎEᔕᔕ ᔕᕼOᑌᒪᗪ ᗪO ᗷEᖴOᖇE ᗪEᑕEᗰᗷEᖇ 31ᔕT
#1 Review P&L Statement and Make Last Minute Purchases
Sure, this is something you should be doing year-round but taking some time now to review your P&L statement can also inform any last-minute purchases. If you’ve made a healthy profit this year (and have the cash flow), are there any major purchases that you could make before December 31 and write off as a tax deduction? What about a charitable donation (also tax deductible?)
#2 𝗟𝗶𝗻𝗲 𝗨𝗽 𝗬𝗼𝘂𝗿 𝟭𝟬𝟵𝟵 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻
Check that your business has a W9 on file for each contractor it works with (this is one of the most common reasons for missing the deadline of January 31st). If you use accounting software, you’ll need to set this up in your system. You can pull the relevant info from your accounting software and streamline the process of generating and delivering your 1099 forms. If you are a contractor, make sure newer clients have your W9 on file.
#3 Gather Documentation & Send To Your Tax Professional
This is the busiest time of year for tax professionals so it’s important that you get all your documentation to your tax professional by February 1st.
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