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
- 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.