We are all anxious to move forward and put 2020 behind us; however, there are still some financial items to wrap up for 2020 before you can successfully move forward!
Here are a few things to finalize and review to actually close out the year:
Finish recording all of your sales and expenses for last year.
Reconcile all bank accounts.
Reconcile all credit cards.
Look at your reconciliations – are there items outstanding that should have cleared? Time for an investigation.
Match loan balances to lender statements, and fix any discrepancies.
Compare your P&L and balance sheet to last year, and investigate anything that looks odd. Use this information to plan for 2021.
Review any goals you set for 2020 and analyze the results.
Don’t forget these important deadlines coming up that relate to 2020. Add these to your calendar now:
January 15 – Estimated payments to the IRS (and possibly the state) are due based on your estimated income.
February 1 (normally January 31) – W-2s and 1099s are due to the IRS and some states. Start gathering your information now. WARNING: There are very few situations where an extension is available for these filings, and penalties are stiff for filing late. Some software programs also charge extra to file in the last week, so get it done early to save money.
March 1 (TN) – Personal Property Schedule is due (forms are mailed out February 1).
March 15 – LLCs, Partnerships, and S-Corporation returns or extensions are due. Estimated amount due must be paid in full.
April 1 - Annual Report is due (TN).
April 15 – Individual, Sole Proprietor, and C-Corporation returns or extensions are due. Estimated amount due must be paid in full.
Need some help cleaning up your books or filing returns? Reach out to us to see how we can partner with you.