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📌 Tax Prep Checklist for Business Owners (Before Meeting Your Accountant)

To file faster and avoid surprises, come prepared with:
1. Income documents: W-2s, 1099s, K-1s, investment forms
2. Updated bookkeeping through Dec 31 (P&L + Balance Sheet if available)
3. Bank + credit card statements (full year, all accounts)
4. Payroll + contractor info (W-2/W-3, 941/940, 1099 totals)
5. Major business purchases + mileage/home office records
6. Estimated tax payments + any IRS/state notices

✅ The more complete your documents are, the more we can focus on strategy, not cleanup.

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🚨 Today is the last day to pay U.S. Estimated Taxes (Q4) - Deadline: January 15

The IRS requires taxes to be paid throughout the year as you earn income (“pay-as-you-go”). This applies especially if you receive income that doesn’t have enough withholding, such as:
• Self-employed / 1099 income
• Business profits (LLC / S-Corp owners)
• Rental or investment income

✅ Why it matters: Estimated payments help you avoid a large balance due when filing your tax return.

⚠️ If you don’t pay on time, you may face:
• Underpayment penalties (even if you pay later when filing)
• Interest charges from the IRS
• A bigger tax bill and cash flow stress

📌 If you’re not sure how much to pay, this is the moment to review your numbers and stay compliant.

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Before December 31, 2025, these OBBBA benefits can still be optimized:
• Tips deduction: Deduct up to $25,000 of qualified, properly reported tips (phaseout starts at $150,000 MAGI single / $300,000 joint).
• Overtime deduction: Deduct the “premium” part of overtime pay, up to $12,500 per year ($25,000 for joint filers).
• Car loan interest: Deduct up to $10,000 of interest on a qualifying new, personally used vehicle with final assembly in the U.S., financed after 12/31/2024.
• Senior extra deduction: Individuals 65+ get an additional $6,000 deduction per person (up to $12,000 for a married couple), on top of the usual standard senior amount, subject to income phaseouts.
• Families and kids: The Child Tax Credit is now $2,200 per child for 2025, and eligible children born 2025–2028 can receive a $1,000 federal deposit into a Trump Account once opened.

Clean records plus a 2025 projection with a qualified tax professional turn these OBBBA numbers into real savings, not surprises.

Under OBBBA, year-end is a planning season, not just a filing deadline. Strategic business owners work with their accountant to put these actions in place before December 31:
1. Accurate year-end tax projection
Use clean, updated books to project the full-year tax liability. This defines how much taxable income can still be reduced and which actions will truly move the needle.
2. Strategic timing of income and expenses
Time billing, bonuses, and major expenses so they fall in the year where they deliver the greatest tax benefit, smoothing profits and placing deductions where they are most effective.
3. Thoughtful equipment and improvement purchases
When the business genuinely needs equipment, technology, furniture, or build-outs, structure purchases to capture the most accelerated write-offs available under OBBBA while protecting cash flow.
4. Owner compensation and entity structure aligned with OBBBA
Review the mix of owner salary and distributions, and the current entity structure, to legally reduce overall tax while maintaining compliance and a defensible “reasonable compensation” position.
5. Efficient use of debt and interest
Analyze business loans, credit lines, and credit cards to confirm how much interest is deductible and where restructuring or refinancing can improve the tax result.
6. Planned use of business losses and carryforwards
Coordinate income and expenses so losses arise in the right years and convert into real tax savings, instead of remaining unused on paper.
7. Tax-efficient retirement and benefits planning
Use retirement contributions and key benefits (401(k), SEP, HSAs, dependent care, etc.) to shift money from “taxable income today” into long-term wealth in the most favorable way before year-end.

This is the level of strategy that should be completed before the end of 2025.

No bookkeeping. No payroll. No retirement strategy. No planning. No clear corporate structure. No plan to save on taxes.
Don’t wait to call us.

100% BONUS DEPRECIATION

OBBBA restores 100% bonus depreciation starting January 19, 2025.
This means a business can immediately deduct the full cost of qualifying assets in the same year they are placed in service — instead of depreciating them over many years.

Sample:
A medical office buys $120,000 of new equipment in February 2025: exam tables, X-ray devices, computers, and cabinetry.
Because of OBBBA’s 100% bonus depreciation, the office deducts all $120,000 in 2025, instead of depreciating it over 5 or 7 years.

Impact:
• Taxable income drops instantly.
• Cash flow improves immediately.
• The business can reinvest sooner for new staff, marketing, expansion, etc.

If you’re planning to buy equipment, upgrade your office, or expand your operations in 2025, this is the moment to run your numbers. The timing of your purchases could unlock massive tax deductions.

Let’s review your strategy and make sure you don’t leave money on the table.

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