Una lista de verificación esencial de planificación fiscal de fin de año para pequeñas empresas

Financial Management

When it comes to your taxes, your checklist must encompass a comprehensive review of your financial management. Here's a rundown on the primary financial aspects that any complete tax checklist should cover:

1. Review Financial Statements

Review your profit and loss statement, balance sheet, and cash flow statement to assess the overall financial health of your business and get a firm grip on your assets, liabilities, and equity. The best methodology is to request an end-of-year statement from your bank and carefully reconcile any loan balances to ensure they match.

2. Organize Documentation

Practice makes perfect! So, review your year-end tax planning checklist for 2024 to ensure that all financial records, receipts, invoices, and other financial documents are well-organized and easily accessible so you and your team can emulate the process for next year's tax preparation.

3. Evaluate Estimated Tax Payments

Review your quarterly estimated tax payments. If your business experienced significant changes, such as increased revenue or expenses, consider adjusting your estimated payments for the following year to avoid underpayment penalties.

4. Depreciation and Asset Purchases

If you purchased fixed assets like equipment or machinery during the past year, consider whether you need to calculate and record depreciation expenses. If you decide to go ahead, you'll need to calculate the cost of each asset over its life cycle and assign a realistic annual value. 

Employee and Payroll Considerations

From an employee perspective, your year-end tax planning checklist should encompass standard benefits and remuneration packages, plus any additional payments you’ve made:

1. Review Employee Benefits

Ensure that all employee benefits are up to date and compliant with current regulations. You'll need to check:

2. Year-End Bonuses

If you plan on awarding year-end bonuses, calculate the amounts and ensure they are properly accounted for in your payroll processing procedures. Be sure to accurately report all bonuses on employee W-2 forms and withhold the appropriate payroll taxes to avoid complications down the line.

An effective tax return checklist considers ways to make even more tax savings across the coming year. These are the primary bases you should be looking to cover:

1. Charitable Contributions

Charitable donations can be deducted from your business tax return. So, if you've contributed to any charities during the year, make sure you keep all relevant documentation. Ensure you retain receipts, acknowledgment letters, and any related documentation so you have proof of each transaction. 

2. Tax Credits

Review potential credit options like the Small Business Health Care Tax Credit, which could be worth as much as 50% of the costs you pay toward employee premiums. To meet the eligibility criteria, you’ll need to prove that: 

Regulatory Compliance

Depending on your location and industry of operation, compliance standards can vary. However, these are the main points to cover on your tax return checklist.

1. State and Local Taxes

While small business taxes are governed at a federal level by the IRS, state and local tax obligations covering sales tax, income tax, and property tax can vary. Always make sure you double-check the requirements and ensure you've filed for the correct amounts.

2. Annual Reports and Renewals

Many states require annual reports or proof of renewal for business entities to maintain active status. So, you'll need to review all licenses, permits, and required professional memberships and check to make sure they'll remain current over the coming tax year.

General Business Planning

In addition to everything we've covered so far, your year-end tax planning checklist should encompass some general strategies that will help keep you on track over the coming year. A few examples include:

Whether you’re preparing business or personal taxes, a checklist can be an invaluable tool to ensure you cover all bases and maximize your returns with minimal stress.

Now, it’s time to make your taxation processes seriously stress-free.

Backed by ADP, the expert team at Roll specializes in making it easier for small business owners to meet their financial and regulatory responsibilities. Roll offers small business owners so much more than just managing payroll for full-time, part-time seasonal, and 1099s, such as: