- Maximizing the benefits provided in the One Big Beautiful Bill (OBBB)
- If necessary, make adjustments to estimated tax payments (final quarter payment due 1/15/27)
- Determining contribution amounts for retirement plans
- Decide if making purchases on business equipment for additional depreciation deduction is warranted
Other important items for business owners include:
- Making sure year-end payroll processing is on track
- All vendor data files are in order for 1099 processing in Jan 2027
- Potential write-off of accounts receivable for non-collectible customer balances (bad debt expense) for accrual-based accounting systems
- Ensure all bank and credit card accounts have each month's reconciliation completed
- If business maintains inventory, perform a physical count of items on hand as of 12/31/26. For retail businesses, this would include sellable goods inventory; for manufactures, it would include finished goods, works in progress, and parts.
- Review owner capital accounts for distributions, outstanding loans, and capital contributions for the current year
- Review fixed asset purchases and disposals during the current year to update fixed asset list
- Final review of accounting system before file is provided to tax preparer
LFC can help with the year-end review as well as tax preparation for your business. We also provide tax services to individuals.
Use the Contact Us tab or schedule a meeting from this blog to reach out to us.
