As 2024 comes to a close, it’s time to get your business organized and ready for the new year. We’ve put together a checklist of essential tasks to wrap up your year smoothly and set yourself up for success in 2025.
Year-End Checklist
✅ Issue 1099 Forms – If you’ve paid contractors $600 or more this year, the IRS requires you to issue 1099-NEC forms. Gather W-9 forms from contractors to ensure you have their correct details.
✅ Pay Sales Taxes – Check your state’s requirements for filing sales taxes and ensure all returns are submitted and payments made before the deadline.
✅ Determine Estimated Taxes – Prepare your fourth-quarter estimated taxes, due in January 2025. Use accurate, up-to-date records to calculate what you owe.
✅ Finalize Year-End Totals – Ensure your income and expense records are complete. These totals are critical for tax filing and creating your budget for 2025.
✅ Plan for the Year Ahead – Review your cash flow trends and set clear financial goals for 2025.
How Big E-Z Can Help
The Big E-Z Accounting System makes these tasks manageable. Our Direct Cash Flow Report gives you an accurate, up-to-date view of your finances in real time. Easily categorize expenses, track payments, and generate the reports you need to:
- Issue 1099s with confidence.
- Ensure sales tax records are correct.
- Simplify tax preparation.
- Get a clear financial picture to guide your 2025 budget.
- Need extra help? Join our DIY Client Hour, where a professional bookkeeper is available to assist you with year-end reconciliation and reporting. It’s your safety net when you’re stuck.
Start the new year organized and empowered. Take advantage of Big E-Z’s tools and support today!
For more tips and personalized help, don’t hesitate to join our upcoming webinars and monthly DIY client hours. We’re here to support you every step of the way.