If you did all the tasks for preparing for the end of the year you will be in great shape now. If not go back and review those, they need to be done before you can proceed with the beginning of the year tasks.
- Check your payroll numbers and make sure you didn’t miss anything. This is especially important if you are a 2% or more share holder in an S-corp.
- Make sure health insurance is added to the income for the W-2’s for all 2% or more shareholders
- Do you need to record any retirement plan payments for the prior year that will not be paid until the taxes are done?
- Issue 1099’s and W-2’s – these are due on the last day of January however your employees will think you really are on the ball and care about them the earlier these can be issued.
- Change your State unemployment percentages – these normally change every year and you should have received a letter with the new rate around the end November.
- Enter any depreciation for last year and check to make sure all prepaid expenses or income have been accurately accounted for.
- Check your Accounts receivable and accounts payable
- Do you need to write anything off for A/R
- Have you made payments that were not recorded correctly in you’re A/P
- Run your reports and check them for accuracy.
- Get everything to your CPA or tax preparer as soon as possible. As your information comes in put it all in one envelope. Extensions should only be used as a tax planning method not because you can’t find the mileage logs.
You are now ready to concentrate just on this year. This will free up your creativity knowing last year is really done.