Are you confident your books are clean and accurate, or are you crossing your fingers and hoping everything works out when tax time arrives?
If you want to avoid unnecessary stress, delays, and last-minute scrambling, there are a few key things your accountant wishes you’d take care of before tax season begins. Addressing these items ahead of time can lead to a smoother tax process, fewer surprises, and more opportunities to save.
Here’s where to start.
One of the most important steps you can take is keeping your books current. That means recording all income, expenses, deposits, loan payments, and transfers before December 31.
When your books are clean and complete, your accountant can work more efficiently, which often leads to a quicker turnaround and fewer errors. Falling behind in your bookkeeping almost always results in rushed clean-up work during tax prep, something no business owner wants.
Reconciling your bank and credit card accounts ensures that the transactions in your bookkeeping system match your actual statements.
If something doesn’t line up, it’s far easier to identify and correct discrepancies now rather than during tax preparation. Regular reconciliation helps catch errors, missing transactions, and potential fraud early, before they become bigger problems.
Mixing personal and business expenses is one of the most common issues accountants see, and one of the easiest to avoid.
If personal charges have ended up on a business card (or business expenses on a personal account), now is the time to clean that up. Proper separation keeps your financial records accurate, supports cleaner tax filings, and helps reduce potential IRS red flags.
Waiting until tax deadlines approach to collect documents can slow everything down. Instead, start gathering key paperwork now, including:
W-9s from contractors
Payroll reports
Major receipts
Loan and interest statements
Providing these documents early means less back-and-forth, fewer delays, and a more efficient tax preparation process.
Some of the smartest tax-saving strategies are only available before December 31.
If you’re considering purchasing equipment, paying bonuses, making retirement plan contributions, or taking other major financial actions, it’s critical to ask your accountant in advance. Proactive planning can open the door to deductions and strategies that simply aren’t available after year-end.
Taking care of these steps now can mean fewer surprises, faster returns, and potentially significant tax savings. More importantly, it gives you clarity and confidence heading into the new year.
If you need help getting your books in order, the Client Advisory Services team at Alloy Silverstein is here to support you. Reach out today to make tax season as smooth as possible, and set your business up for a successful year ahead.
Director of Small Business Services
Janine works one-on-one with small businesses who outsource their bookkeeping and business financial reporting to a knowledgeable, efficient, and trustworthy advisor.
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