Year-End Tax Planning for Small Business Owners: Essential Checklist

Nov 18

You've got enough on your plate without stressing about taxes. Here's a straightforward guide to breeze through year-end tax planning for small business owners, so you can get back to what matters — running your business.

Which tax forms do you need?

Different business structures require different tax forms:

Running a one-person show? You'll need Schedule C with your personal Form 1040.
In a partnership? Form 1065 is for you, plus Schedule K-1 for each partner.
Got an S-corporation? Look for Form 1120S and Schedule K-1 for shareholders.
Running a C-corporation? Form 1120 is all yours.
Single-member LLC? Schedule C is your form (unless you've chosen to be taxed like a corporation).

Gather your documentation

Money coming in:

Bank statements showing what your business earned.
Statements from PayPal, Square, Stripe, or other payment systems you use.
Your list of who owes you money.
Records of any other income, including cash (yes, that tip jar counts).

Money going out:

Receipts for everything your business bought.
If you're claiming car expenses, you need mileage logs.
Home office measurements and bills if you're claiming that space.
Records of equipment you bought.
What you spent on marketing.
Monthly utility bills.

Taking care of your team

For your employees:

Double-check that W-4 forms are up to date.
Make sure I-9 forms are complete with proper ID.
Get a clear picture of employee benefits and costs.
Pull together your year-end payroll info.

For your contractors:

Get W-9 forms from anyone you paid $600 or more.
Double-check your payment records — accuracy matters.
Get 1099-NEC forms ready (they're due January 31).

Dates you can't ignore

Mark these on your calendar (seriously, do it now):

January 31: Get W-2s and 1099-NECs sent out.
March 15: S-corporation and partnership returns are due.
April 15: Personal returns (including sole proprietors) need to be in.
April 15: C-corporation returns are due.

Year-end vs. quarterly taxes: Understanding the difference

Think of quarterly taxes like paying your bills throughout the year, while year-end taxes are your final reconciliation.

Quarterly payments:

Your best guess at what you'll owe.
Cover both income and self-employment tax.
Keep you from getting hit with penalties.

Year-end taxes:

Show what really happened with your money.
Include all the ways you can save on taxes.
Tell you if you're getting money back or need to pay more.
Give you the big picture of your finances.

Maximize your deductions and credits

The end of the year is the last time to maximize your tax savings.

Look into these deductions:

Business equipment (Section 179 lets you write off the full cost).
What you spend on employee benefits.
Learning and development costs.
Business insurance.
Marketing and advertising expenses.
Business travel costs.
Your home office expenses.

Don't forget these tax credits:

Health care tax credit for small businesses.
Credit for hiring from certain groups (work opportunity credit).
Research and development work.
Making your business more accessible.

Start early for the best results

Getting a head start means you can:

Find and fix any missing paperwork.
Talk to a pro about anything confusing.
Make smart choices about big purchases or when to collect payment.
Put tax-saving strategies in place before the year ends.

Professional help makes a difference

This checklist is great for getting organized, but let's be honest — taxes get complicated as your business grows. That's where we come in. At Archer Lewis, we're small business tax experts who speak your language. We keep up with all those confusing tax law changes so you don't have to, and we're pretty good at finding tax savings you might not know about.

Ready to take taxes off your plate? Discover how we can make tax season less of a headache and more profitable for your business.

Archer Lewis