
Early Tax Preparation
As the year draws to a close, tax season is just around the corner. While most tax preparation happens in the new year, starting early can make the entire process smoother and less stressful. To help you kickstart your planning, we’ve compiled a few key questions to consider as you prepare for tax season!
For Individuals:
- Have I organized my financial documents?
- Consider what documents you need, such as W-2s, 1099s, and receipts for deductible expenses.
- Am I keeping track of potential deductions?
- Start listing expenses that may be deductible, such as medical expenses, charitable contributions, or business-related costs.
- Do I have a plan for when I will file my taxes?
- Decide whether to file early, on time, or request an extension based on your circumstances.
The Tax Professional Group simplifies tax season for individuals and families by providing expert guidance, maximizing refunds, and ensuring accurate, stress-free filing.
For Business Owners/Employers:
- Do I have all completed W-9 forms on file?
- This form is needed to prepare and issue 1099s.The filing due date for Forms 1099-NEC is January 31, 2025, if filed by paper or electronically.
- What assets do I need to purchase to help lower my tax liability?
- Now is the time to do your research on those qualifying purchases to be sure that the purchase is made before year end.
- Have I reviewed recent tax law changes that might impact my business?
- Stay informed about new tax laws, credits, and deductions relevant to your industry and business size.
The Tax Professional Group helps business owners streamline tax season by preparing and simplifying the filing process.
For more information about the latest reporting requirements and helpful tax resources, visit https://cukierski.cpa/blogs/new-fincen-reporting-requirements-understanding-the-upcoming-changes/