With the end of the year upon us, it's important to keep in mind some important deadlines and other concerns to think about before December 31.

It's critical, if your business operates on a calendar year, that you consider the following items to ensure you take every opportunity to optimize your business' financials.

And as always, we're here to help if you have any questions, concerns, or need assistance!‍

Year-end tax and financial strategies for individuals before December 31, 2022:‍

• Review tax basis rules and excess loss rules for business losses
  

• Ensure you're in compliance with state tax rules for income and sales tax reporting
  

• Remember: Research Expenditures must be amortized over 5 years beginning in 2022 instead of a full deduction
  

• Pay unincorporated business tax and Petit tax liabilities by year end for cash businesses
  

• Review retirement plans
  

• Review your accounting method to ensure it's optimal for your business
  

• Conduct a cost segregation analysis to identify all property-related costs that can be depreciated over 5, 7, and 15 years

• Review bonus depreciation on eligible assets
  

• Your business may still be eligible for The Employee Retention Credit. Consider determining if it is.
  

• Plan and address year-end bonuses
  

• Review and project future income now for 2023, with full budgeting prepared for January
  

• Reminder: 4th Quarter estimated tax payments are due on January 17, 2023
  

• The filing deadline of Form W-2 for the 2022 tax year is January 31, 2023
  

• Consider switching inventory method to LIFO because of the increased costs of purchases