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Year-end tax prep questions
What is a year-end tax prep checklist?
A year-end tax prep checklist is a step-by-step list of records, reconciliations, and tax-planning moves small business owners should complete before December 31. It helps you gather income forms, organize deductions, and avoid last-minute surprises at tax time.
When should small business owners start year-end tax prep?
Start in November or early December. Waiting until January leaves little time to catch up books, collect missing 1099s, or make year-end tax moves like retirement contributions or equipment purchases.
What records do I need for year-end taxes?
You need 1099s and W-9s, bank and credit card statements, receipts over $75, payroll reports, loan statements, mileage logs, and reconciled Profit & Loss and Balance Sheet reports.
What happens if my books aren't ready by tax time?
You may miss deductions, file late, or need an extension. Incomplete records also increase audit risk and can delay SBA loans or business sales that require clean financials.
Can a bookkeeper help with year-end tax preparation?
Yes. A bookkeeper reconciles your accounts, categorizes expenses, and organizes records so your CPA can file accurately. CreditReady Bookkeeping also structures financials for lenders and buyers.