As the year comes to a close, business owners and self-employed professionals are juggling holidays, wrapping up projects, and trying to get everything in order for tax season. December might feel overwhelming, but it’s one of the most important months to get ahead financially.

Here are a few key areas to focus on before January arrives.

Review Your Books and Financial Reports

Now is the time to check your Profit & Loss statement, reconcile your accounts, and confirm that your records are up to date. This helps you understand your income and expenses for the year and catch any errors before they become costly.

Staying proactive helps reduce tax-season surprises and ensures you’re not leaving deductions on the table.

Make Year-End Purchases Strategically

Need new equipment? Planning to invest in software or training? December is the last chance to make deductible business purchases for the year. Be sure to keep clear records and receipts.

This also applies to charitable contributions. If you donate to a qualified nonprofit before December 31, that contribution may qualify as a tax deduction.

Catch Up on Payroll and Contractor Payments

If you’ve issued bonuses or paid independent contractors, make sure you’ve classified and recorded them properly. Now is a great time to prepare for W-2s and 1099s so there are no last-minute surprises in January.

Consider a Tax Planning Review

Tax planning isn’t just for big corporations. A year-end check-in can help small businesses and self-employed individuals lower their tax liability, plan for estimated payments, and take advantage of available credits or deductions.

Don’t Wait to Catch Up

Behind on your books? That’s okay. Catch-up bookkeeping is one of the most common requests we get in December and January. The earlier you start, the smoother tax season will be.

Let’s Wrap It Up

Getting ahead now means less stress later. Whether you need full-service bookkeeping, tax prep support, or high-level financial strategy, C Squared Accounting is here to help you finish the year strong.

(631) 452-1423

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