Best Practices for Year-End Tax Planning
Join us for a free webinar to review the key items your accountant needs for year-end tax planning discussions.
We'll cover the following:
- Account Reconciliation
Ensure all bank, savings, line of credit, and credit card accounts are fully reconciled through the month prior to your meeting. - Loan Balances
Confirm that both short-term and long-term loan balances align with the most recent statements or lender records. This ensures liabilities are accurately reflected on your financial statements. - Asset Purchases, Sales, or Trades
Provide documentation for any new asset purchases, equipment sales, or trade-ins during the year. This information ensures assets are recorded correctly and depreciation schedules remain accurate. - Revenue Confirmation
Review your records to confirm all income has been properly recorded and assigned to the correct revenue accounts. Complete and accurate revenue reporting helps ensure precise tax and profitability analysis. - Financial Statements
Locate and review key reports for the current year—such as the Balance Sheet, Income Statement, Detailed General Ledger, and Schedule F.
"Traction saved me 80 hours on year-end tax prep with seamless bank connections and multi-entity management.” - Kevin Turnwald | Shepherd, MI
"With Traction's 1099 software, I have all the data submitted and the software itself can send out the paperwork... I eliminate the middleman of going through the accountant and spending the money to pay them."
Angela Guentzel
Guentzel Family Farms