mbs-checklist-for-2019-taxes-cpa-fresno
Cassidy Jakovickas

Cassidy Jakovickas

Your Business’ January 2019 Tax Checklist

January is a big month for businesses (and accounting experts) everywhere. It’s the time when the previous financial year is officially over, and the moment when gathering all necessary tax documents kicks into high gear. Here’s a quick checklist of the most important items to consider when preparing for tax time.V

Collect All Necessary W-9s

Make sure to gather W-9s from any vendors, contractors, or freelancers you worked with during 2018. You’ll need these forms to submit with your taxes, and collecting them now will save time and frustration. Tracking them down later in the season can be time consuming.V

Gather Financial Documents for Your Accountant

Your accountant or CPA will likely be reaching out in January for any financial documents they don’t already have access to. The earlier you can gather all relevant financial documents and bring them to your accountant, the more time they’ll have to be thorough in putting you in the best possible situation regarding your taxes.V

Make Sure Financial Statements Reconcile with Fact

If there are any discrepancies between your financial statements and actual data or inventory, now is the time to reconcile your books—not right before or even after tax deadlines have passed. The more diligent and thorough you can be in January, the less stressed you’re going to be around tax deadline time.V

Don’t Forget the TCJA

The Tax Cuts and Jobs Act is still a relatively new piece of tax legislation with deep and far-reaching effects. We’ve covered the TCJA in depth here, but below are just a few of the most basic points to keep in mind.V

New Deductions

Owners of S-corps and pass-through entities can now access a 20% qualified deduction in business income.V

Lower Corporate Tax Rate

Remember that the overall corporate tax rate has been lowered from 35% to 21%.V

Effects on International Businesses

The U.S. has shifted from a worldwide taxation system to a semi-territorial system. This means that some foreign income from your business is subject to taxes in the US, while other income is not. You can learn more details here.January is a big month for businesses (and accounting experts) everywhere. It’s the time when the previous financial year is officially over, and the moment when gathering all necessary tax documents kicks into high gear. Here’s a quick checklist of the most important items to consider when preparing for tax time.

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