By Wallace Accounting & Advisory
2021 HAS BEEN A BOUNCE BACK YEAR FOR BUSINESSES ACROSS THE UNITED STATES, AND THAT MEANS TAXES WILL BOUNCE BACK HARD AS WELL. WHEN YOU’RE PREPARING FOR TAX SEASON, THE EARLIER YOU START, THE BETTER PREPARED YOU’LL BE, AND THE QUICKER YOU’LL GET YOUR RETURN.
HERE ARE SOME TIPS FOR THE YEAR-END TO MAKE SURE THAT YOUR TAX FILINGS GO SMOOTHLY.
Tax Filings to be prepared for:
1099’s – Right now is a great time to scrub your vendor list for potential 1099 filings. This can save a lot of time and money come January when you will be under the gun for the 01.31 deadline.
W-2’s – Send a quick note to your team to make sure that they have access to your online payroll processing system and to verify their email address and physical addresses. This will save you time not having to go in and manually pull the W-2’s and send to them in January/February.
Individual Taxes – if you have W-2 income, then you should also look to make sure that your address and email address are updated in your employers system.
Business Taxes – Now is a great time to make sure that your financials are in order, and to speak with your CPA to update them on the things going on in your world to see if there are any tax planning opportunities.
Get your materials together
The first big step for any tax season is to have all your documents ready to go. The first step is always the hardest, and the most tedious, but can save you the most time and stress down the road. First, make a list of all your sources of income and expense sources in 2021, from employees to customers. This will give you a clear idea of what you need to report.
THIS IS JUST A START FOR PREPARATION. FOR A COMPLETE LIST AND HELP PREPARING FOR THE UPCOMING SEASON, DON’T HESITATE TO GET IN TOUCH WITH OUR PROFESSIONAL TEAM FOR A FREE CONSULTATION. WE CAN HELP YOU CHECK ALL THE BOXES ON YOUR LIST TO GET YOU READY TO FILE YOUR TAXES RIGHT ON TIME!