Before the year ends, make sure your small business is financially ready for tax season. Here’s a simple checklist to help you wrap up 2025 with confidence.
1. Review and Reconcile Your Accounts
Make sure all bank, credit card, and loan accounts are reconciled through November (and ideally December if possible). Any mismatched balances? Now’s the time to fix them.
2. Finalize Outstanding Invoices and Bills
- Follow up on unpaid customer invoices
- Pay any vendor bills still due this year
- Make sure all business income and expenses are recorded
3. Make Last-Minute Tax-Deductible Purchases
Need to upgrade equipment, pay for software, or stock up on supplies?
Purchases made by December 31 may be deductible this year.
4. Prepare for 1099s and W-2s
Start confirming contractor and employee info now, including:
- W-9s from contractors
- Updated addresses
- Final payroll reports
5. Set Aside for Taxes
Review your profit and estimate how much to reserve for income and self-employment taxes.
If you’ve made more than expected this year, plan for it—don’t let it catch you off guard in April.
6. Talk to Your Accountant Before the Year Ends
If there’s ever a time to ask questions, it’s now. From retirement contributions to write-offs, smart planning in December can lead to real savings.
Need help wrapping up the year with confidence?
📩 Reach out to J.A. Green Accounting for expert support with your books, taxes, and planning.
