The Perfect 2024 Year End
Year end can often be a hectic time for business owners for a variety of reasons- from year end spending (with advice from your tax accountant of course), staff cashing in their well deserved PTO or maybe your long lost Uncle Eddie showed up over holiday break un-announced and will not leave.
Whatever your reason may be- We have put together some pointers to ease your mind for as we venture into 2025!
1. Request W-9s for 1099 Vendors
If you’ve worked with vendors requiring a 1099, now’s the time to collect updated W-9s.
For clients of NexGen you receive a monthly update of clients we are in need of W9’s for.
Please make sure you have reviewed the latest list.
1099’s are to be issued to individuals or entities who are not taxes as a corporation and who have received more than $600.00 in payments for services rendered.
2. Document Inventory & Cash-on-Hand Balances
Be sure to record your inventory and cash-on-hand balances as of 12/31/2024.
These details are critical for accurate financial reporting and tax filing.
3. Loan and Purchase Agreements
If you made any major purchases in December including those that were financed, please provide us with a copy of the purchase agreement and loan paperwork (if applicable). This will help ensure the transaction is properly reflected.
4. Beneficial Ownership Information (BOI) Filing Updates
This is the gift (of sorts) that keeps on giving. You may have heard an injunction was filed earlier this month in regards to BOI which temporarily paused any filing requirements. The fifth circuit courts have lifted the injunction and have adjusted the due dates for filings to the following dates:
Companies created or registered before January 1, 2024, also have until 01/13/2025 to file.
Companies created or registered between December 3, 2024, and December 23, 2024, have 21 additional days from their original deadline to file.
Companies qualifying for disaster relief may have longer deadlines, whichever applies later.
Have you not filed yet? You can file easily using this link: https://secure.boi-efile.com/form/nexgenaccountingllc.
5. Tax Planning and Final Estimated Payments
If you’re a client of NexGen and is subscribed to tax planning services provided by Ascend Tax, we’ve already been in touch with all parties to make sure all parties have a solid insight to their 2024 tax situation.
In general don’t forget your final 2024 estimated tax payment, due by 01/15/2025. Reach out to your tax accountant if you need additional guidance.
6. Take a Moment for Yourself
Whether it is 5 minutes or the final 5 days of 2024 take a moment to relax and recharge. You can’t effectively pour into your company on an empty battery. Take a moment to recharge, set some time to reflect on the year, then hit the ground running once you have taken your moment. The world will not stop spinning if you take a well deserved break. Say your accountant needs you to do something if that is what it takes ;)
We are your business partners here to make your life easier.
As always if you have any questions, please don’t hesitate to reach out!
See you in 2025.
