Closing Out the Year Well

As 2024 comes to a close, we have some tips to help you close out the year well!

Consider these three questions to get started:

1. Were you aware that you are required to issue a 1099 form to your landlord?

This practice aids in ensuring that landlords accurately report rental income on their tax filings. To comply, you will need to request your landlord's Taxpayer Identification Number (TIN) using Form W-9. Once you have this information, you can complete and file Form 1099-MISC by the due date. (Which is typically January 31st.)

If in doubt, consult with your CPA!

2. Have you gathered your W9’s?

If not, it's a good idea to begin organizing now. Having everything in order will make the filing process smoother and less stressful. Be sure to collect any other important forms, such as 1099s or receipts for deductions, to ensure you are fully prepared when tax season arrives. Taking these steps early can save you time and help avoid any last-minute scrambling.

3. Are you prepped for year-end (accounting wise)?

Start by reviewing all financial statements and ensuring that all transactions are accurately recorded. Reconcile your bank accounts and verify that all outstanding invoices and bills are accounted for. It might also be helpful to set up a meeting with your CPA to go over any last-minute details and ensure compliance with all relevant regulations.

Additionally, take this opportunity to reflect on the past year’s financial performance. If you’ve been monitoring KPIs through your accounting and studio software, you should have useful data to assess what went well and identify areas for improvement. Planning ahead can help you set more informed goals for the next fiscal year and develop efficient strategies to achieve them.