How to Close Out 2014 Successfully

December 17, 2014

A Checklist For Business Owners

Our colleague Adrian Van Zelfden prepares this report annually and we are pleased he makes it available for us to share with you. Adrian is both a licensed CPA and tax attorney located in Austin, Texas. Adrian has also been an active member of the Texas Society of CPAs for a number of years.

The End of Year Checklist is a very thorough guide that covers business tax preparation including tips for:

  • Gifts to employees, clients, customers and vendors
  • End of year deposits and payments
  • Fixed assets and depreciations schedules
  • Reasonable compensation
  • Inventory
  • Preparing for annual payroll and information reports
  • And many more suggestions

The goal of the checklist is to educate business owners and help to make the tax season easier. Some of these tips such as purchasing business equipment and year end deposits and payments are things to consider before December, 31st. Other suggestions are a helpful guide to your record keeping throughout the year.

Adrian notes that most of his clients are business owners with corporations and LLCs, and therefore this document primarily applies to them. Real-estate rental businesses, oil & gas leasing, and non-profits are all excluded, and won't find this as useful. If the company offers a real product or service, it should be quite helpful. It does not work for 1040 clients. As always, you should work with your own tax preparer and share this information with them. Adrian is happy to take your questions and you can reach him at The CPA Team website.
Download your copy of  Close Out 2014 Checklist



Topics: The Corner Office, Content Type

Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.
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