Prioritize cash, entity elections, and documentation before the calendar turns—without drowning in a hundred-item list.
Why shorter lists win
Most year-end checklists fail because they treat every possible election as equally urgent. For closely held businesses, a short list ranked by cash impact and deadline rigidity produces better decisions than an encyclopedic inventory no one finishes.
Cash and estimates first
Reconcile year-to-date taxable income estimates against estimated tax payments already made. Decide whether a final quarter payment, safe-harbor strategy, or deduction timing adjustment is the higher-value move. Cash still in the business after a poorly timed payment is cash that cannot fund payroll or inventory.
Entity and accounting elections
Calendar any elections that must be filed with the return or by a fixed date—accounting method changes, entity classification where still open, and bonus depreciation / Section 179 decisions. Document the facts you are relying on while they are fresh.
Compensation and fringe cleanup
Confirm owner compensation is supportable for the entity type, and that fringe benefits, loans, and distributions are classified correctly. Misclassification discovered in February is harder—and sometimes more expensive—to fix than a December adjustment.
Documentation you will need in March
Charitable contribution acknowledgments, vehicle logs, home-office facts, and basis schedules are easier to assemble now. Build a folder (digital or physical) labeled for the return preparer and put source documents in it as they arrive.
A note on this article
This checklist is general information, not advice for any particular taxpayer. Your facts, elections, and filing positions should be reviewed with a qualified tax professional under an engagement.
This article is for general informational purposes only and does not constitute accounting, tax, or legal advice. For advice regarding your specific circumstances, contact the firm.