Your 2017-2018 Tax Planning Schedule

December 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

• 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.