I want your tax season to go super smoothly so it is important to follow the following steps:
1.Send 1099 to contractors the first week of January
Trust me, your contractors will appreciate you getting them their 1099 to them a little bit early and it is usually less expensive to file the first 15 days of January.
2. Review your Profit and Loss for Last Year
Make sure everything is accurate and their are no negative amounts, no transactions in parent accounts, and you have everything accounted for in an account and don't have any miscellaneous accounts.
3. Review your Balance Sheet for Last Year
Make sure all assets, liabilities, and equity is listed correctly. Don't have any miscellaneous accounts.
4. Send your Profit and Loss and Balance Sheet to your Tax Accountant before the end of January!
Your tax accountant will be very happy to help you before all the craziness begins. Get them your tax documents as early as possible to avoid having to extend your tax return.
Note: I don't do taxes, but I do have a great referral if you are looking for a tax accountant. Feel free to reach out!