Preparing Your Business for Tax Season: A Complete Checklist

Executive Summary

Tax season does not have to be a frantic scramble. Follow a simple step-by-step checklist to organize receipts, reconcile accounts, and ensure smooth, zero-stress filing with your CPA.

1. Reconcile All 12 Months of Bank and Card Statements

Verify that every account balance matches the general ledger to prevent missed deductions or audit flags.

The Fix: Run a trial balance check 60 days before tax deadlines.

2. Review Contractor 1099 Requirements

Collect W-9 forms and calculate total annual payouts for all non-employee service providers.

The Fix: Issue electronic 1099-NEC filings through your bookkeeping portal in January.

3. Separate Capital Expenditures from Current Expenses

Depreciating assets according to Section 179 rules provides immediate cash tax deductions.

The Fix: Flag all equipment and asset purchases over $2,500 for your CPA’s review.