Time keeps marching on! We have less than 90 days until the end of the year, which means now is the time to get organized.
Here’s a list of key activities we recommend you start working on now:
Get Your Books Up to Date
Know where you stand! We don’t want to miss any expenses, and accurate books give you the opportunity to manage your taxes effectively. Here are the basic steps:
- Reconcile bank accounts. This ensures that all deposits and payments are recorded accurately—and only once. Aim to reconcile your books by the 10th of the following month.
- Record all expenses. If you paid any business expenses personally, create an expense report and record those items before year-end. Don’t forget to include business mileage on your personal vehicle — the 2025 mileage rate is 70 cents per mile.
- Review your fixed assets. Obtain invoices for items over $2,500 paid with cash or loans.
- Review your fixed asset list to identify anything that was disposed of or sold.
- Every business is different. We can help you customize a month-end or year-end checklist — or handle the process for you.
Compliance Items
Our goal is to reduce your risk of an audit and avoid penalties.
- Review 1099 payments. Payments made to independent contractors and LLCs may need to be reported in January. This includes rent, attorney fees, consultants, and other services. Verify that you have current tax information (W-9) for each vendor.
- Payroll tasks.
- Overtime & tips: Confirm how overtime wages are calculated under the new IRS standards, and verify tips that qualify for the “No Tax on Tips” program.
- Personal use of company vehicle: Record mileage and calculate personal use to add to taxable wages before the last paycheck of December.
- S corporation owner benefits: Determine the amount the company paid for owner health insurance. This must be included in W-2 wages—but owners receive a deduction for it.
If you need help, contact Jennifer and she’ll connect you with Jodi or Lorraine.
Tax Planning
Let’s eliminate surprises, reduce your tax bill, and manage cash flow.
- If your income has changed or increased from last year, consider having us prepare a tax projection to estimate your year-end tax liability.
- Or, schedule a tax planning meeting to discuss strategies for minimizing your overall tax burden.
- If you’re curious about how taxes work or how recent changes may affect you, we’d be happy to review your situation together.
We can prepare a projection to keep you out of trouble—or meet with you to plan ahead and make informed decisions.
Ready to get started? Contact Jennifer at 920-351-4842 to schedule a tax planning meeting with Ricardo or Mary.
Mary Guldan-Lindstrom, CPA