Your December 31 Deadline: What Business Owners Must Do Before the Year Ends

December 31 is more than a date on the calendar — it’s a hard line for many tax and financial deadlines. If you’re a business owner in Woodland Hills or anywhere in Los Angeles, here are the tasks to prioritize:

1. Run Year-End Inventory (if applicable)

Contractors, retailers, and manufacturers must get accurate counts.

2. Finalize Owner Compensation

Particularly important for S Corporations.

3. Review Business Insurance Coverage

Year-end is a natural time to review liability, workers comp, and health insurance.

4. Analyze Profit & Loss Trends

See what worked — and what should be adjusted for the new year.

5. Back Up Your Financial Records

Secure, cloud-based backups can save your business.

Closing out the year correctly sets the stage for a stronger, more profitable January.

We offer December consultations for businesses here in Woodland Hills, nearby cities like Calabasas, and the greater San Fernando Valley.