We are already approaching the end of 2021! Before we get to the holidays, I wanted to send out this quick checklist for reference. We are in planning mode through December, so don’t forget to schedule some time with us if your situation requires tax/financial strategy or an estimate of tax liability.
Broken down by individual and business needs
- 2021 Estimate of tax liability (we will need most recent pay stubs, business financials if applicable, deductions/adjustments to income) This is not required but may be a helpful exercise.
- Updates/Q&A regarding any major changes or life events that could impact your tax situation this year (there are also legislative changes potentially on the horizon, including an increase to the state/local tax itemization).
- Quick note – if you are a current client, we have added a “2021” folder in your Sharefile portal. Please use this to share documents with our firm
- Asset protection discussion
- Legislative updates/changes review for business impact
- estimate of business performance through year-end
- strategies for minimizing tax (including retirement deferral, prepaid items, bonus depreciation)
- Applicable tax credits – if applicable, does your business qualify for ERC? Did you receive SBA funding? Is R&D applicable?
- year-end filing and compliance needs (i.e. w-2, 1099s, etc) – we will need to know if our firm will be handling 1099 filings for your business prior to January
- Exit planning – if you have any intention to buy or sell a business, advanced planning is highly recommended. We also offer business valuation services.
Any questions? Please don’t hesitate to reach out! We hope you have a wonderful holiday season and prosperous end to 2021.