'Tis the Season... to Get Your Tax Act Together!
It's Time for a Year-End Checklist,
and to Check it Twice
As we wrap up another year (and our holiday presents!), we're here to help you put a bow on your 2024 finances. Pour yourself some hot cocoa, and let's dive into some timely tips and updates.
For Business Owners
Review your business structure: Has your business outgrown its current form? The new year is perfect for making changes.
Check your retirement contributions: There's still time to maximize your 2024 contributions and reduce your taxable income.
Purchase needed equipment: Consider making planned purchases before year-end to take advantage of Section 179 deductions.
Gather those receipts: Documentation is key! Yes, even those crumpled ones in your car's cup holder count!
For Nonprofit Organizations
Document your program accomplishments: Get ready for your annual report by gathering impact metrics.
Check your public support test calculations: Stay ahead of your 501(c)(3) status requirements.
Plan your year-end appeal: Remember that donors are looking for tax-deductible giving opportunities.
Review your unrelated business income: Ensure proper tracking and reporting of any non-exempt activities.
Tax-Smart Holiday Celebrations at Your Company
Planning a holiday party for your employees? Remember that business holiday parties are typically 100% deductible! Just keep good records of who attended and the business purpose.
Special Note for Nonprofits: Year-End Giving Rush
December is the biggest month for charitable donations! Make sure you're prepared:
Set up efficient systems to process last-minute donations
Train volunteers handling year-end contributions
Update your online giving platform to handle increased traffic
Prepare thank-you letter templates that meet IRS requirements
Document any in-kind contributions properly
For Individuals
Max out your HSA contributions if you have a high-deductible health plan
Consider charitable giving - both for the warm feelings and the tax benefits
Review your investment portfolio for tax-loss harvesting opportunities
Gather documentation for any major life changes in 2024 (marriage, new home, etc.)
Request a tax organizer from your tax preparer to stay on top of all your tax documents
** Upcoming Deadlines **
December 31: Last day for tax-deductible charitable contributions for 2024
January 15: Q4 estimated tax payments due
January 31: W-2 and 1099-NEC forms due to recipients
February 15: Filing deadline for exempt organizations with employee benefit plans (Form 5500)
Did You Know?
The "accountant's new year" isn't January 1st - it's usually October 15th, the end of tax extension season! But we promise we still celebrate on December 31st like everyone else. 😉
Whether you're balancing your books or your checkbook, we're here to help make your numbers add up to success. Here's to a prosperous 2025!
