Year-End Tax Prep Checklist

1. Books & financial statements

• Every bank and credit card account reconciled through December 31 — book balances match statements
• Final P&L and balance sheet for the year, with no uncategorized or "miscellaneous" balances
• Year-end statements for every loan and credit line, so book balances match lender balances
• AR review — write off invoices you'll never collect; your CPA needs to know about bad debt
• Physical inventory count as of December 31, if you carry inventory

2. Payroll & contractors

• W-2s issued to employees and filed by January 31
• W-9s collected from every contractor you paid $600 or more, and 1099-NEC forms issued and filed by January 31
• All four quarterly payroll filings (Form 941) and the annual unemployment filing (Form 940) accounted for
• Owner compensation documented — salary vs. draws vs. distributions, clearly separated

3. Assets & big purchases

• Invoices and financing docs for equipment, vehicles, or property bought this year — your CPA decides how to depreciate or expense them
• A note of anything sold, junked, or traded in, so it comes off the books
• Mileage log or vehicle-use summary for business vehicles

4. Deduction documentation

• Home office details (square footage) if you claim one
• Health insurance premiums paid by the business, especially for owners
• Retirement contributions made or planned before the filing deadline
• Any business expenses paid from personal accounts — documented and reimbursed (and next year, keep them separate)

5. State filings

• Arkansas: annual franchise tax report due to the Secretary of State by May 1
• Texas: franchise tax report and Public Information Report due to the Comptroller by May 15; business personal property rendition due to your county appraisal district by April 15
• Sales tax filings current through year-end in every state where you collect

6. Estimated taxes & carryovers

• Dates and amounts of every estimated tax payment made during the year — federal and state
• Last year's tax return, if you're working with a new preparer (carryovers live there)

Deadlines shift to the next business day when they fall on weekends or holidays — see our tax deadline calendar for the full schedule, and confirm specifics with your CPA.