How to Prepare for Year-End Taxes in Advance

The end of the year often sneaks up on business owners—but planning ahead for taxes can make a huge difference. By taking a few proactive steps, you can maximize deductions and minimize stress. Here’s how to start preparing today.

1. Review Your Books
Check income and expenses for accuracy. This ensures no receipts are missing and no income is overlooked.

2. Maximize Deductions
Think about last-minute expenses: equipment purchases, software upgrades, or retirement contributions may reduce your taxable income.

3. Check Payroll Records
Ensure all payroll taxes are up-to-date. Prepare for year-end forms like W-2s and 1099s.

4. Organize Important Documents
Keep financial statements, receipts, and expense reports in one place for easy access.

5. Schedule a Tax Review
Working with a tax professional before year-end allows you to spot savings opportunities and avoid surprises.

Year-end doesn’t have to be stressful. Start preparing now with 1st Source Tax & Accounting, and we’ll help you finish the year strong.