A year-end tax checklist for individuals and business owners

Organize income records, review withholding and estimated payments, and prepare for your next tax conversation before filing season.

A useful year-end review starts with a clear picture of your income, payments and supporting records.

Bring the records together

Collect pay statements, business bookkeeping, investment transactions and receipts for expenses you intend to discuss. Keep personal and business transactions identifiable, and flag missing documents before your appointment.

Review tax paid during the year

Compare withholding and estimated payments with your current income expectations. Income from self-employment or investments can require additional attention. Paying too little, or paying estimated tax late, may lead to penalties.

Prepare a short list of changes

Note changes in residence, family circumstances, business activity or overseas accounts. Bring prior returns and payment confirmations so a professional can assess your situation before recommending action.

Official references

This article is for general information only and does not constitute tax or legal advice. Please consult a professional about your specific situation.

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