Even if your business operates on a fiscal year, there are several important steps you can take at the end of a calendar year to get ready for your tax filing. Use these year-end tax prep tips to avoid scrambling when it’s time to visit your tax preparer.
Gather Your Records
Keep all the annual statements you receive from financial institutions and other companies you do business with in a safe place. Your company is also responsible for issuing W2s, 1099s and similar year-end records; secure your copy of these records for easy access when it’s time to file your own taxes.
Make Final Contributions to Tax-Deferred Accounts
To maximize your tax savings, consider the benefits of adding to your tax-deferred financial instruments, such as retirement accounts, before December 31 so they count in the current calendar year. Your tax professional can help you determine an ideal amount and allocation.
Talk to an Expert
As your business’s performance changes over time, your tax concerns will too. It’s not too late to learn more about the tax deductions and credits you may be eligible for, especially as tax laws continue to change. Mistakes can be costly, so it’s worth examining your unique situation with a qualified professional to ensure you avoid penalties.
Do You Need Help with Year-End Tax Prep in Las Vegas Valley?
S.J. Meyer & Co. delivers superior accounting and auditing, tax planning and preparation, and business set-up and planning services, as well as Quickbooks consulting. Our team of top-rated financial professionals has earned a stellar reputation for attentive service and dedication to our clients’ needs. We welcome your questions about wealth management, estate planning, business taxes, S corp tax planning and more. Contact us today for all of your year-end tax prep needs.
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