2021 Year End Checklist For Businesses
Today, our team is going to discuss how to prepare your business for the end of the year.
Did you open any new business credit cards, or a new business checking account, or even business expenses that you paid through your personal accounts? These are all things that you need to take into consideration so that we don't miss out on any deductions.
An asset is a piece of machinery, a vehicle, or equipment. If you’ve purchased anything like this that has a $2,500 or greater value, you should save any receipts or invoices for recording on your tax return.
Have you provided all your loan statements to your accountant in order to account for the principal and interest? Have you disclosed any new loans to your accountant?
Have you given all contractors you employed in the year W-9s for them to fill out and sign? Having W-9s will make filing 1099s easy.
Do you have any payroll within 2021 for you or your employees? Please check with your payroll service provider to make sure that your payroll taxes are filed timely. Make sure that you've taken care of all your payroll tax liabilities as well.
You will want to tax plan before the year ends and now is your chance to do so while we are still in Q4 2021.
The final thing you want to do before the year ends is to create a forecast or projection so that you’ve laid the foundation for a successful year!