Planning For the Financial Year

It’s important to anticipate the different financial milestones to prepare for throughout each year in your business. We work with you to make sure you provide all the information needed to file taxes and extensions on time and stay on top of your quarterly estimated tax payments.

January

  • 1099s will be issued by Incline on your behalf.
  • We will hit the ground running with collecting documents from you for closing the year end books.  Be prepared to send us mortgage statements, loan balances and interest, any 1099s you receive, etc.

April

April 15th is the notorious tax deadline every year.  If your taxes are not filed by the then, be sure that your CPA has filed an extension for you.  While Incline Business Essentials tries to facilitate the communication between you and your CPA, it is ultimately your responsibility to be sure the extension or taxes are filed.

May/June:  

  • Incline will be working through detailed book reviews and contacting you with questions.  
  • We will also be reviewing W9s that we have on file for your subcontractors. If needed, we will be collecting new W9s as they need to be refreshed on a regular basis to ensure that we have updated addresses, etc.
  • If you are not on a regular payroll cycle, be prepared to run a quarterly payroll for yourself in June.  
  • If you filed an extension, we will be working with you to get the taxes completed ASAP.

July/August

  • Quarterly Estimated Tax Payments are due in July.
  • If you filed an extension, ALL your final information must be to us by July 15th to avoid further delays.

September/October

  • Extensions for S-Corps are due in September. Remember that we will need your information by July 15th in order to finalize books for the CPA.
  • If you are not on a regular payroll cycle, be prepared to run a quarterly payroll for yourself in September.  
  • Quarterly Estimated Tax Payments are due in October.

October/November/December

  • Incline will be working on getting books to your CPA for end of year payroll and estimated tax projections.
  • If you have IRA/401K plans, you/Incline together will need to coordinate with your financial advisor to plan your final payroll of the year. 
  • Your final payroll of the year will need to be coordinated with your CPA.
  • We will be running final payrolls BY DECEMBER 15TH.
  • We will be running preliminary Vendor reports to prepare for 1099s.

Mark your calendars with important dates, and be ready for the different milestones throughout the year. Let us know if you have any questions and how we can help you plan out your year best.