BudgetEase Blog - Making YOU Profitable™

    Your 2017-2018 Tax Planning Schedule

    [fa icon="clock-o"] Dec 4, 2017 10:01:00 AM [fa icon="user"] Kathy Dise [fa icon="folder-open'] Financial Management

    tax-planningDecember 31st is fast approaching and some advanced planning will allow for smooth year-end processing. Below are a few helpful dates to plan your activities.

    K-1 Planning

    Today: Meet ASAP with your accountant for tax planning What you should have ready for your accountant:
    • Access to your QuickBooks file. You could send them a portable copy or provide four excel spreadsheets, including:
      • P&L for 2017 through 10/31
      • Balance Sheet
      • GL (include the debit and credit)
      • Trial Balance (compared to prior year)
    • Estimate of your November and December Profit
    • Charitable Contributions
    • Investment Income
    • Expected profit sharing contribution
    • Company paid any medical insurance

    December 10, 2017 – Are your financial records up to date? Do a quick audit to assure your financial information is correct.

    December 15, 2017 – Have you responded to all your accountant requests for information?

    January 15, 2018 – Have you started a conversation with your Accountant on Year-End Closing?

    February 1, 2018 – Is year-end closed? Forward the information to your Tax Preparer

    February 15, 2018 – Call Tax Preparer for progress report

    February 28, 2018 – Forward completed K-1 to your investors

    1099 Planning

    1099s are required to be sent to any vendor that has paid more than $600 and now is the time to make sure all information is ready.

    December 2017 - Review Vendor Contact File for Completion

      • Vendor Name, Address & Tax ID number
      • W-9 on file and signed by vendor
      • Vendor file tagged correctly for 1099 reporting

    January 1, 2018 – Accumulate data to forward to Accountant / Tax Preparer for 1099 filing

    January 31, 2018 – Mail 1099 to recipients

    January 31, 2018– Summary form 1098 due to IRS

    Need more guidance with your tax planning? Contact BudgetEase for a free consultation.

    Request a Free Consultation

    Kathy Dise

    Written by Kathy Dise

    Kathy has over 30 years experience helping small businesses succeed. As a commercial lender, commercialization expert and now as a QuickBooks diamond level advisor, Kathy understands the challenges small business owners face. Her experience helps business owners quickly accomplish their financial goals. As the owner of BudgetEase, Kathy works with clients to develop a plan to efficiently process 1,000s of small transactions so owners can make informed decisions. She lives in Shaker Heights, OH with her husband Ralph and enjoys golf, curling and walking in Cleveland’s fabulous Metro Parks.

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