Year End Bookkeeping Preparations

As 2023 is ending and we are looking to 2024, we want to provide business owners/managers with important due dates and information about year-end bookkeeping.

Quickbooks – Desktop vs. Online:
Have you considered transitioning from Quickbooks Desktop to Quickbooks Online? Desktop has become a subscription-based software and the rates are much higher than Online. Please reach out to the bookkeeping department if you are interested in speaking further. Click the button below to email the bookkeeping team with questions or to schedule an appointment.

Year-End Review for 1099s:

  • The due date for filing 1099’s is January 31, 2024.
  • The 1099-NEC for contract laborers and nonemployee compensation and the 1099-MISC form will still be used to report royalties, rents, prizes and awards, payments to attorneys, medical and healthcare payments, and other income payments.
  • For current bookkeeping clients, please confirm with your bookkeeper your interest in Capstone processing your 1099s.
  • If you’d like our help with completing your 1099s, please complete this 1099 worksheet and securely upload the completed worksheet here.

General Year-End Items:

  • LOANS – Contact all loan holders and request a statement in writing verifying the loan balance as of 12/31/2023 and interest paid during the 2023 calendar year. Please provide copies of all documents for tax return preparation.
  • CREDIT CARDS – If you use company credit cards, remember that charges on the credit cards through 12/31/2023 are deductible for income tax purposes even if you have not paid the credit card balance in full as of 12/31/2023. To capture those expenses, make sure those charges are keyed into QuickBooks and the balance in QuickBooks reconciles to the 12/31/2023 credit card balance. Please provide copies of the December 2022 and January 2023 credit card statements for tax return preparation.
  • INVENTORY – If you maintain inventory, an inventory count should be completed on or near the year-end. Your final ending inventory balance should be adjusted accordingly.
  • MILEAGE – For the time being, the mileage rate for business is 65.5 cents. As soon as the IRS updates the rates for the 2023 tax year, we’ll keep you updated. The IRS generally releases the inflation adjustments towards the end of the year, at around mid-December.

Year End Planning:

Now is the time to do your year-end planning not just for your business, but for all aspects of your life. Now is the time to for tax planning (both business and personal), financial planning, and legacy (wills and trusts) planning.

Please use the buttons below to reach out if you would like any assistance with any (or all) of your planning needs and questions.

I Would Like to Discuss Bookkeeping Options

I Want to Discuss 1099s

I Want to Set Up a Tax Planning Meeting

I Want to Set Up an Estate Planning Meeting