Checklist for Tax Season Prep - Don't Wait Until Yearend!

• Find a good CPA. Remember your bookkeeper is not a tax preparer and these are two different areas of expertise, so you don’t want your CPA doing your books either. There’s a shortage of good CPA’s and it’s helpful to see them more than once a year.

• 1099 NEC to anyone who provides a service to you for $600 or more in 2023. This can include photographers, maintenance, etc. Collect a W9 BEFORE paying them so you don’t have to track them down end of year.

• Get your bookkeeping up-to-date. HarQuin does a whole year of catch-up work, if you haven’t gotten around to doing your bookkeeping. Either way, don't wait until the last minute.

• Track your inventory regularly. Keep checks and balances in place - don’t have an employee counting it if they can take something and not record it, etc.

• Lower taxable income. Keep track of all your business expenses so you can be sure to write-off everything that is lawful. Using an industry-specific bookkeeper will help you know what you can and can’t write off.

• Start tracking business mileage so you can deduct it on your taxes.

• Make sure your POS is set up to collect sales tax correctly based on merchandise, state, and local tax regulations.

Ready to outsource your bookkeeping? Get a free estimate here.