Small business year-end checklist for small business owners.

Small Business Year-End Checklist.

As the end of 2022 just passed, and the fresh New 2023 Year is settling in, now is a good time for small business owners to start thinking about their year-end or year-start checklist. There are a few important items that should be on every small business owner’s list. Ideally, it should include things like reviewing your financial goals and objectives, preparing your tax records, and assessing your risk management strategy.

By taking care of these items now, you can set yourself up for a successful begining to this new year. So put on your planning hat and let’s get started!

Be aware of the 2023 tax deadlines that apply to you and your business

This is the time to grab your calendar and start pinning these dates down. As a small business owner, preparing for these due dates is a must, to make sure you stay compliant with the IRS and state tax requirements.

2023 tax dates and deadlines every small business owners should know

Individual Filers – including employees, retirees, self-employed individuals, independent contractors, and gig workers

  • January 16, 2023 – 4th Quarter 2022 estimated tax payment due.
  • January 2023 – 2022 Tax season begins.
  • January 31, 2023 – Due date for employers to send W-2 forms.
  • January 31, 2023 – Certain 1099 forms are sent.
  • February 15, 2023 – Reclaim your exemption from withholding.
  • April 3, 2023 – Required minimum distribution due if you turned 72 in 2022.
  • April 18, 2023 – Tax day (unless extended due to local state holiday).
  • April 18, 2023 – Deadline to File Form 4868 and request an extension.
  • April 18, 2023 – Deadline to make IRA and HSA contributions for 2022 tax year.
  • April 18, 2023 – First quarter 2023 estimated tax payment due.
  • June 15, 2023 – Second quarter 2023 estimated tax payment due. 
  • September 15, 2023 – Third quarter 2023 estimated tax payment due.
  • October 16, 2023 – Deadline to file your extended 2022 tax return (extended tax due date).
  • December 31, 2023 – Required minimum distributions must be taken for individuals age 73 or older by the end of 2023.
  • January 15, 2024 – Fourth quarter 2023 estimated tax payment due. 

Businesses – Partnerships (including LLCs), C Corps (Form 1120), and S Corps (Form 1120S)

  • January 16, 2023 – 4th Quarter 2022 estimated tax payment due
  • January 2023 – 2022 Tax season begins
  • January 31, 2023 – Employers send W-2s forms to employees
  • January 31, 2023 – Send certain 1099 forms
  • March 15, 2023 – Taxes are due for some business types (partnerships, multi-member LLCs, and S-Corporations). 
  • April 18, 2023 – Taxes for C-Corporations are due. 
  • September 15, 2023 – Deadline for extended partnership and S-corporation returns
  • October 16, 2023 – Deadline for extended C-corporation returns
  • January 15, 2024 – Fourth quarter 2023 estimated tax payment due

Review your business expenses for the year and make adjustments to your budget for the upcoming year

As a small business owner, it is important to review your small business budget regularly. Reviewing your small business expenses for the previous year can help inform the decisions you make for next year’s budget and financial strategy. This review can highlight any adjustments or opportunities needed for the upcoming budget in order to maximize profitability, as well as small details that may have been overlooked when initially setting up your small business budget. Knowing where small business expenses were allocated throughout the last year can ensure you are prepared with a flexible and achievable plan for the upcoming year’s budget.

Check your business credit score and work on improving it if necessary

Knowing and understanding your small business credit score is crucial to achieving strong financial health. It’s essential to ensure that all of your small business’s accounts are managed correctly and that you’re aware of any late payments or negative items on certain accounts which can significantly affect your small business’s credit score. A healthy small business credit score has many positive implications — its lower borrowing costs and makes small businesses more attractive to lenders, creditors, suppliers, and potential partners and clients. And even if your small business credit score is well below the ideal rating, there are options available to help improve it; from understanding how credit scores are calculated to taking steps towards improving creditworthiness such as categorizing your small business expenses or researching financing options for small businesses with lower scores. Make sure you understand the important role your small business’s credit score plays in its success as a whole, and take the necessary steps to improve it if necessary.

Review your insurance coverage and make sure you are adequately protected

Small business owners should routinely review their insurance coverage to make sure that it is providing a sufficient level of protection. Small business insurance policies can cover a broad range of risks, including property damage, employee injury, and lawsuits. A comprehensive policy will ensure you are appropriately guarded against potential liabilities, so it is wise to periodically review your coverage for adequacy. Re-evaluating your policy allows the opportunity to make any necessary adjustments according to changes in the size or scope of your business. If you haven’t reviewed your policy in a while or have questions about what would be best suited for your needs, consulting with an insurance professional could be helpful in making sure you have the right protection.

Invest in accounting services to help you keep track of your finances

Small businesses that lack the capacity to manage their financial records can benefit substantially from investing in small business accounting services. Small business bookkeeping firms provide personalized, professional support by ensuring compliance with government regulations, providing insight into areas of potential improvement, and managing routine financial tasks such as payroll, invoicing, and reconciliations. Small business owners can save time, energy and resources by relying on reputable accounting services for accurate and timely tracking of finances. Ultimately, this will enable a business to use their financial capabilities as a strategic asset to further their success.

Stay organized and keep good records of all your financial transactions

Every small business should strive to stay organized and be diligent in keeping accurate records of all financial transactions. This involves monitoring incoming income, paying taxes on time, keeping track of any loans taken, and recording expenses. By doing this, small business owners can have a better chance of staying on top of their small business finance and making sure that everything is running smoothly. Additionally, by having an organized record-keeping system in place, small businesses are more likely to file accurate documents that may be requested by the IRS in the case examined. Therefore, small businesses should prioritize organizing and accurately documenting all financial transactions so they can stay on top of their small business finance.

Meet with a financial advisor to discuss ways to grow your business

Every business owner, small or large, should explore the benefits that outsourcing CFO Advisory Services can bring. Meeting with a financial advisor is the best way to take an objective look at your business and assess the risks and rewards associated with pursuing business growth. An experienced advisor who understands the complexities of running a successful business can help guide you in understanding cash flow projections, loan requirements and other financial considerations associated with growing your business. Not only can they provide expert insights but they may also help identify unforeseen opportunities to capitalize on as well. Outsource CFO Advisory Services provides an invaluable perspective that allows you to make informed decisions about your plans for future growth.

As a small business owner, it is important to stay on top of your finances. Reviewing your expenses and budget for the upcoming year, checking your business credit score, and reviewing your insurance coverage are all important steps in managing your finances. Investing in accounting services and staying organized can also help you keep track of your finances. Finally, meeting with a financial advisor can give you ideas about how to grow your business. If you want to focus on growing your business in 2023, let the Tentho professionals take care of the financial checklist for you.

This can be your year.

Let us take on your responsibility of managing the finances for your business. So that you can focus on scaling it up.

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