Year End Financial Workshop 2021

By Katie Ferro, CPA | Bookkeeper, Business Owner, & Mama of 3

Find out what you might be forgetting

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DIY YOUR BOOKS WITH EASE

9 Things to Do at Year End

  1. Have your books caught up
    • My best recommendation is my P&L Workbook in the Small Biz Starter Kit 
    • Print all statements. Highlight items of income and items of expense and enter them in by month in the tracker. It will compile the rest
  2. Have a system for 2022 books that you maintain at least monthly
    • Best case scenario: have them done for you. Get a quote to get connected to a good bookkeeper here.
    • Second best: do it yourself simply until you scale enough to where the cost is a no brainer investment worth your time saved and worth the accuracy and clarity
  3. Have a CPA engaged for tax prep or start seeking one out now
    • I don’t care what anyone says, taxes aren’t a DIY job. You’d be better off cutting your own lawn or doing your own nails or changing your own oil than doing your own taxes.
    • I don’t do taxes but if you need a recommendation message me on IG @orderlyaccountingbykatie
  4. Consider if you should prepay any 2022 expenses in 2021
    • If you are going to spend the money anyway and your taxes are high this year
  5. Determine if you need to file any 1099s
    • For US entities
    • Paid $600 or more
    • Via cash, check, transfer
    • Request W9 ASAP and file 1099 by 1/31/22
    • I recommend Track1099
  6. Consider if you should open an LLC in 2022
  7. Payroll considerations. These get deep but mainly, if you’re a profitable S Corp owner you need to pay yourself a salary
    • It’s not too late to run it before end of December. Connect with ADP
    • Talk with your CPA to see if you paid in enough wages
    • Consider contributing to a retirement account
    • If you’re paying health insurance premiums from the biz or taking the actual auto deduction for a mixed use vehicle, speak to your CPA about how to properly report it in your W2
  8. Communicate with the CPA about all of the above
  9. Make your Q4 estimated tax payment if required by 1/15/22
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