LLC’s Year-End Tax Preparation for Success

As the year ends, LLC business owners should focus on tax preparation by doing a year-end clean-up. This process keeps your financial records accurate and helps you maximize your tax benefits.

Our year-end tax preparation service will generate essential financial statements such as profit and loss, balance sheets, and cash flow statements by analyzing your financial records for the entire year. To ensure accuracy and comprehensiveness, we need the following documents from you:

1. Bank Statements: These will allow us to verify cash inflows and outflows.

2. Income Documentation: Gather all invoices and sales records. If you use a POS system like Square, Clover, Toast, or Stripe, it's important to include the sales reports from these systems when you gather your income records. Make sure to pull the sales reports for the period you are documenting. They will give you details about daily sales, total revenue, refunds, and any fees.

3. Payroll Records: To ensure compliance, keep W-2s and 1099s for all employees and contractors, along with records of payroll tax deposits.

4. Assets and Depreciation: Document any fixed assets (Machinery and Equipment, Vehicles, Furniture and Fixtures, Leasehold Improvements, etc.) bought or sold during the year.

5. Previous Years’ Tax Returns: Keep copies of prior returns handy for reference and clarity in your current filings.

6. Tax Payments: Maintain a record of all estimated tax payments made throughout the year.

7. Tax Election Documents: Include any important documents regarding your LLC's elections, such as S-Corp elections

8. Contracts and Agreements: Gather significant contracts that may affect your tax situation.

9. Owner Information: Document any changes in ownership or membership over the year.

If you have any questions or need expert assistance with your year-end tax clean-up, don’t hesitate to contact us or email NEXFinancePro@gmail.com. Let’s work together!