Behind the Balance Sheet: Your Shortcut to Financial Clarity 💡

Published 8 months ago • 1 min read

Welcome to Behind the Balance Sheet newsletter!

Hello Reader, whether you’re a small business owner, freelancer, or just looking to better understand your finances, we take you beyond the numbers, empowering you to master your books with confidence.

Breaking News: BOI Reporting

As of December 27, 2024, a federal court order has temporarily suspended the requirement for reporting companies to file beneficial ownership information with FinCEN. Voluntary submissions are still allowed. However, there are no penalties for noncompliance during this period. You can learn more about this recent change on the FinCEN website: https://fincen.gov/boi

Bookkeeping Tips

As tax season approaches, here are some helpful bookkeeping tips to keep you organized and stress-free:

Make sure you’ve collected and reviewed all receipts from 2024 to capture every deductible expense.
Store your receipts and financial documents in a secure cloud solution for easy access and backup.
Ensure your mileage logs for business travel are up to date. If you’re not tracking yet, consider using a mileage tracking app to stay on top of it for 2025.

Upcoming Tax Deadlines

Tax season officially kicks off in late January. Begin organizing your tax documents now to avoid last-minute stress.

Make sure these key dates are on your calendar:

January 15, 2025

Fourth-quarter estimated tax payment for 2024 are due.

January 31, 2025

Employers must distribute W-2 forms to employees and file them with the IRS.
All 1099 forms for contractors must be sent out and filed with the IRS.

Latest Blog

Bookkeeping Tasks to Prep for Tax Season

It’s the perfect time to wrap up your bookkeeping and get a head start on tax season. Here’s a quick checklist with details to help...

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This newsletter is for reference purposes only and does not constitute legal or tax advice.

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