Year-End Financial Checklist: 6 Questions Every Business Owner Should Ask
As the year winds down, it’s easy to get caught up in holiday plans and Q4 deadlines. But before the calendar flips to January, there are a few critical financial tasks that can make or break your tax season—and your peace of mind.
Here are 6 essential questions to ask yourself now, so you’re not scrambling later.
1. Did You Reconcile Your Books?
Reconciliation isn’t just for your checking account. Make sure you’ve reviewed:
Credit card statements
Savings accounts
Payment platforms (like Stripe or PayPal)
Any transfers between accounts
Unreconciled books can lead to inaccurate reports, missed deductions, and audit risk. If you haven’t done this monthly, now’s the time to catch up.
2. Did You Buy Any Assets for Your Business?
Whether it’s a new laptop, office furniture, or equipment, asset purchases may qualify for depreciation or Section 179 deductions. But you’ll need:
Proof of purchase
Date placed in service
Categorization in your books
If you’re unsure what counts as an asset vs. an expense, ask your accountant before filing
3. Do You Know Who Needs a 1099?
January 31 is the deadline to send 1099s to contractors and vendors. To prepare:
Review payments over $600 to non-employees
Confirm you have W-9s on file
Check for LLCs and sole proprietors who qualify
Missing this step can lead to IRS penalties and strained vendor relationships. Start gathering info now while it’s fresh.
4. Did You Maximize Retirement Contributions?
Contributions to SEP IRAs, Solo 401(k)s, or other retirement plans can reduce taxable income.
Confirm deadlines—some plans allow contributions up to the tax filing date, but others may require action before year-end.
Review contribution limits and eligibility with your accountant or financial advisor.
Maximizing contributions now can lower your tax bill and strengthen your long-term financial strategy
5. Did You Review Your Estimated Tax Payments?
If your income fluctuated this year, you may need to adjust your Q4 estimated payments to avoid underpayment penalties.
Compare actual income to projections
Factor in any unexpected gains or losses
Make adjustments before the January 15 deadline
A quick review now can help you avoid penalties and surprises when you file
6. Did You Capture Any Year-End Tax Planning Opportunities?
Strategic timing can make a big difference.
Consider deferring income or accelerating expenses to optimize your tax position
Review charitable contributions, bonus timing, and year-end purchases
Ask your accountant about any industry-specific opportunitie
Smart year-end moves can lead to meaningful savings and a stronger start to 2026.
Final Thoughts
Year-end prep isn’t just about compliance—it’s about clarity. Reconciling your books, tracking assets, and preparing for 1099s ensures you start the new year organized, informed, and ready to grow.
Need Help Wrapping Up Your Year-End Tasks?
Book a free consultation with Logic Accounting Solutions. We’ll help you clean up your books, review asset purchases, and get your 1099s ready—so you can head into January with confidence