Tax Season Sneaking Up on You? A 6-Point Checklist for Small Businesses & Nonprofits

Tax Season Sneaking Up on You? 

If you're a small business or nonprofit leader staring down tax deadlines with a mix of dread and confusion—you're not alone. Even with your bookkeeping mostly in order, the final stretch can feel like a marathon in flip-flops. But don’t worry—we’ve got your back with this no-fluff, 6-point checklist to help you (and your accountant) breathe easier. 

1. Year-End Financials: Accuracy is Everything

Already reconciled your bank accounts? Gold star. Don’t forget to reconcile loans and other accounts to make sure income and principal is entered correctly. If not, now’s the time. Use our QuickAudit Checklist to double-check your work. Then, share your year-end reports via QuickBooks Online or Excel—Profit & Loss, Balance Sheet, General Ledger, and Trial Balance.   

https://www.budgetease.biz/hubfs/Quick_Audit_Check_List.pdf 

2. Carefully Review Your Balance Sheet

Look at every account on your Balance Sheet and confirm that it is accurate.  A sales tax payment that was expensed or a payroll liability that was recorded incorrectly will make your financial statements incorrect.  Fix incorrect information now. Don’t let errors linger.  

3. 3. Income Docs:Don’tMiss a Form 

Round up those 1099s, 941s, and any equity distributions. Make sure your accounting software reflects the full picture. 

4. 4. Capital Assets: Bought or Sold?

List out purchases or sales with details like price, age, and how you paid (loan, credit, check). Your accountant will thank you. 

5. 5. Deductions: Dig Deep

Charitable contributions, profit sharing, medical insurance, home office expenses—don’t leave money on the table. And yes, check those personal accounts for business expenses. 

6. 6. Auto Expenses: Mileage Matters

Track business mileage or total auto expenses. Either way, document it well. QuickBooks catchup can help if you’re behind. 

Need a Hand ?

Outsourcing your accounting service to BudgetEase means less stress and more accuracy. Whether you're catching up in QuickBooks or just need a second set of eyes, we’re your go-to bookkeeping service. Contact BudgetEase today—because spreadsheets shouldn’t cause heart palpitations.