Filing your taxes for 2024 can be made easier by getting ready now. Another year winds down and another tax return needs to be filed. So, as we move toward the end of the year, we would like to offer a few reminders to individuals that have business operations. First, make sure you have filed the newly required Beneficial Ownership Interest (BOI) form by December 31, 2024. With the growth of sales over the internet, you may need to track out of state sales totals for reporting.
 
 Secondly, as year-end payroll reporting nears, don’t forget the following annual payroll reporting requirements. These include: Employee personal use of company vehicles, Employer paid health insurance for employees for W-2 purposes, Employer paid health savings account deposits for W-2 purposes Employer paid childcare expenses for W-2 purposes, Employer paid education plans and term life insurance for W-2 purposes, Employer contributions to employee pension plans. As we go into 2025, we are all uncertain of what new tax rules will apply in 2025. So you may want to consider deferring major equipment purchases and building repairs or improvements until next year unless you are able to specifically discuss how this may affect your business. In addition, you may want to consider postponing new tax elections or setting up new entities until, with your CPA, have a better understanding of what new tax laws will be introduced in 2025.
 
 Next are a few year-end tax credits that might be valuable: 1. There is a new credit for smaller businesses who set up their first pension plan in 2024. This credit can, in many instances, completely offset the costs of setting up the plan as well as offset some or all of the employer’s plan contributions. 2. Some businesses may greatly benefit from the fuel tax credit. The Fuel Tax Credit is allowed for Federal highway tax paid for fuel used off-highway in a business such as pumps, generators, compressors, tractors, trucks used in lots, landscapers, farmers, grass cutters, tree trimmers, helicopters, crop-dusting and many more business applications. At over 18 cents per gallon this can be a huge credit! Start a Special File that updates your information to have ready: This includes: 1. Has there been a change in ownership this year? If so, provide new owner identification information, dates and percentages. 2. Have you opened or closed any locations this year-if so, please provide that information with the physical address. 3. Provide a list of information about your owners email addresses and cell phone numbers. Finally, do you have a website? If so, what is your website address: ___________________. Additionally, make sure you have considered sales and income tax registration, collection and filing requirements in other states. Last thing for filing normal year end information needed for filing 2024: 1. __ Copies of any new bank loans obtained during the year 2. __ Copies of any new leases signed during the year 3. __ List by date, amount and individual of any new investments made into the company this year by the owners 4. __ Copies of any federal or state tax correspondence received during the year 5. __ Copies of any equipment purchase invoices over $1,000 6. __ Loan payoffs, by loan number, of all business loans at December 31 7. __ Copies of your year-end bank reconciliation(s) and bank statements 8. __ 12/31/24 Year End Balances of: Accounts Receivable $___________ Cost of Inventory on Hand $________ Accounts Payable $ ______________ Unpaid 941 Deposit for December $__________ Unpaid State(s) Withholding deposits for December $_______________ Unpaid Sales tax for December $_____________ Unpaid wages earned through 12/31/23 $__________ 9. __ The enclosed engagement letter needs to be signed and returned 10. __ Year-end summary of business activity-back up, online access or hard copy (Accounting software back-up, trial balance, etc.) 11. __ Sales breakdown by state and city if applicable (Call us to determine) 12. __ Copies of all 4 quarters Form 941, and 2023 W-2’s issued to employees 13. __ All Forms 1099-K, 1099-NEC and 1099-Misc received Filling in the amounts above represents your company’s amounts as requested and should be compiled prior to your first meeting with your CPA.
 
 Have questions? Make your 2024 tax filings easier this year. Simply fill out the information above and have it ready. Have any questions? Give us a call at 812-883-6938 to set an appointment and bring in this information and start 2025 off ahead.