Year-End Financial Checklist for Small Businesses in Woodland Hills
How to Get Ready for December 31 Like a Pro
As the end of the year approaches, small business owners across Woodland Hills, the San Fernando Valley, and Los Angeles are wrapping up more than just gifts — they're closing out the books.
But here’s the truth: December 31 isn’t just the end of the calendar year — it’s your last real chance to make smart tax and financial moves.
At our Woodland Hills-based accounting firm, we help small business owners get ahead of tax season by making the most of Q4. The best part? You still have time to act.
🎯 Why Year-End Planning Matters
Waiting until tax season to get organized often leads to:
Missed deductions
Overpaid taxes
Unnecessary stress
Poor cash flow decisions
That’s why our clients get ahead of the curve with a simple, focused December checklist. And now, you can too.
✅ Your Year-End Financial Checklist
1. Review Your Financials
Pull your profit & loss statement, balance sheet, and cash flow reports. Are your numbers accurate? Are there uncategorized expenses or income?
Pro Tip: Fixing errors now prevents tax prep headaches later.
2. Spend Smart Before December 31
Consider making any planned business purchases now (equipment, software, etc.). Accelerating expenses can help reduce taxable income — if it aligns with your cash flow.
3. Max Out Deductions & Contributions
Check if you're eligible to:
Fund a SEP IRA or Solo 401(k)
Prepay expenses (like insurance or rent)
Write off mileage, home office use, or business travel
4. Reconcile Accounts
Make sure your bank accounts, credit cards, and loan balances match your records. Clear up any discrepancies now to avoid tax-time delays.
5. Evaluate Your Entity Type
Are you still a sole prop or LLC? Moving to an S Corp in the new year could cut your tax bill — but planning starts now.
6. Issue 1099s & Prepare W-2s
Start collecting W-9s from contractors and verifying employee info. Deadlines come fast in January — don’t wait.
7. Schedule a Tax Planning Review
If your CPA only talks to you during tax season, it’s time to upgrade. A year-end tax review can help you:
Strategize distributions
Estimate and minimize your tax liability
Avoid surprises from income spikes or big sales
📍 Local Support from a Woodland Hills Accounting Firm
We specialize in helping small business owners throughout Woodland Hills, Encino, Calabasas, and the San Fernando Valley finish the year strong with:
Monthly accounting
Proactive tax planning
Payroll and compliance
Strategic business advisory
Whether you're running a construction company, professional service firm, eCommerce brand, or local retail shop, we tailor our year-end prep to fit your business.
🚀 Still Have Questions Before the Year Ends?
We’re booking year-end tax planning consultations now — and spots are filling fast.
📞 Call us today or schedule online to secure yours before December 31.
Let’s make this your most organized and tax-efficient year yet.