In this conversation, Leah and the Accounting Podcastteam discuss essential tips and deadlines for small business owners as they enter the new year. They cover important topics such as 1099 forms, W-2s, year-end closing procedures, financial performance analysis, and sales tax filings. The discussion emphasizes the importance of compliance, organization, and strategic planning for the upcoming year.

Takeaways

·     A 1099 form is required for contractors paidover $600.

·     Collect W9 forms before paying vendors to ensurecompliance.

·     W-2s are due by February 2nd for the previousyear.

·     Year-end close involves finalizing financialsand ensuring accuracy.

·     Review financial performance to set goals forthe new year.

·     Sales tax filings depend on your business'sfiling frequency.

·     It's crucial to stay organized and meet alldeadlines.

·     Utilize accounting software to streamline thefiling process.

·     Comparative analysis of financial data helps instrategic planning.

·     Having a checklist can simplify the transitioninto the new year.

Chapters

00:00 Intro

00:28 1099s

04:49 W2s

06:08 Year-end Close

07:54 Review your financial performance and position

10:46 Sales tax filings & WA DOR State Filings

Keywords: small business, 1099 forms, W-2s,year-end close, financial performance, sales tax filings, compliance, accounting tips, January deadlines, bookkeeping

Website: TheAccountingEdit.com

Aminder's Links

Website: sequoia-cpa.com

Instagram: @sequoiacpa

LinkedIn: linkedin.com/company/sequoia-cpa

Leah's Links

Website: orca-accounting.com

Instagram: @orcaaccounting

LinkedIn: linkedin.com/in/leahmccool