As the end of the year approaches, it’s crucial to get your tax affairs in order. With proper planning, you can save money, reduce stress, and ensure compliance with tax regulations. To help you get started, follow this comprehensive checklist to make your year-end tax preparation seamless and efficient. Visit our Tax Preparation Services page to learn more about how we can assist you.

1. Gather All Financial Records

To begin, organize your income statements, expense receipts, and bank records. By doing so, you’ll have everything in one place, making it easier to calculate deductions and ensure accuracy—especially when it comes to your year-end tax preparation.

2. Review Your Expenses for Deductions

Next, identify deductible expenses like business travel, office supplies, or charitable contributions. In addition, consider potential end-of-year opportunities, such as prepaying certain expenses to maximize deductions.

3. Prepare and Issue 1099s

If applicable, ensure you prepare and issue 1099 forms for contractors you’ve paid $600 or more. To stay on top of this requirement, gather W-9 forms and payment details now, so you can avoid last-minute issues later.

4. Contribute to Retirement Accounts

Another important step is to make contributions to your IRA, 401(k), or other retirement plans. Not only does this provide valuable tax benefits, but it also boosts your savings for the future.

5. Plan for Estimated Taxes

If you’re self-employed or own a small business, ensure your estimated tax payments are on track. Keep in mind that missing payments can result in penalties, so it’s worth double-checking your calculations.

6. Review Tax Law Changes

To stay informed, review any new tax laws that could affect your filing. For example, some changes might impact your deductions or credits. In such cases, consulting a CPA is a wise choice.

7. Work with a CPA for Expert Advice

Finally, a CPA can help you navigate complex tax rules, identify opportunities for savings, and ensure compliance. At Gorman Hardin CPA, we’re here to support you through every step of the tax preparation process.

By taking these steps now, you can enter the new year confident and prepared. If you need assistance with year-end tax planning, contact us today to learn how we can make your tax season stress-free.

For additional guidance, visit the Tax Preparation page from the Kentucky Cabinet for Economic Development.