Business Insights
Due to a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN. The extended filing deadline is January 13th, 2025.
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.
Final Thoughts
As we settle into the new year, remember that a strong financial foundation starts with consistent, accurate record-keeping. January offers the perfect opportunity to review your past progress, refine your processes, and set clear goals for the months ahead. Whether you’re establishing new budgets, planning for expansions, or simply aiming to improve cash flow management, keep transparency and organization at the center of your approach. By staying proactive and methodical now, you’ll position yourself for smoother operations and greater peace of mind throughout the rest of the year. Here’s to a fresh start and continued success in the months to come!
