The end of the year is a busy time for business owners, but it’s also the perfect opportunity to prepare for tax season. Use this checklist from Diversified Financial Services to ensure a smooth and stress-free filing process.
1. Review Financial Records
Ensure your income, expenses, and receipts are accurate and up to date. Organized records make tax preparation easier and reduce the likelihood of errors.
2. Maximize Deductions
Identify deductible expenses such as office supplies, business travel, and equipment purchases. Consider making additional purchases before the year ends to increase deductions.
3. Verify Employee and Contractor Information
Ensure all W-2s and 1099s are accurate and ready to distribute.
4. Plan for Estimated Tax Payments
If you pay quarterly taxes, review your payments to avoid underpayment penalties.
5. Schedule Your Tax Appointment
Don’t wait until the last minute. Schedule your tax preparation appointment with Diversified Financial Services early to ensure ample time to review and file.