What Your Accountant Wishes You Knew Before Year-End
As the calendar year draws to a close, most business owners are focused on finishing strong—closing deals, finalizing budgets, and preparing for the new year. But there’s one critical area that often gets overlooked: year-end tax preparation.
Every tax season, accountants across the country find themselves facing the same challenges—and the same missed opportunities. The truth is, much of the stress and cost of tax filing can be avoided if a few simple steps are taken before year-end.
Here’s what your accountant wishes you knew and did before December 31.
1. Organized Records Make All the Difference
Missing receipts, inconsistent bookkeeping, and last-minute spreadsheets are common culprits that delay filings and reduce the accuracy of your return.
What to do:
Reconcile your books monthly. Don’t wait until tax season to clean up your ledger.
Digitize receipts and invoices—tools like Dext, QuickBooks, or even simple cloud folders can save time.
Categorize expenses accurately. Mislabeling transactions can lead to missed deductions or IRS flags.
An organized set of records helps your accountant work more efficiently—and reduces your tax prep fees.
2. There Are More Tax Strategies Before Year-End
Once the ball drops on New Year’s Eve, many of the best tax-saving opportunities expire.
Take advantage of:
Bonus depreciation and Section 179 deductions on equipment purchases
Charitable contributions for tax write-offs
Retirement plan contributions (like a SEP IRA or Solo 401(k))
Deferring or accelerating income, depending on your projected tax bracket
The sooner you talk to your accountant, the more they can help you strategically manage your tax burden.
3. Estimated Taxes Aren’t Just for Big Corporations
If you’re self-employed or a business owner, you’re expected to make quarterly estimated tax payments. Underpayment throughout the year can lead to interest and penalties, even if you get a refund at filing time.
Things to consider:
Have you had an unusual income spike this year?
Did you add new revenue streams or clients?
Are you expanding into other states or jurisdictions?
These factors affect your estimated tax liability, and recalculating in Q4 can prevent costly surprises.
4. Your Accountant Can (and Should) Be a Strategic Partner
Many clients only reach out to their accountant once a year to drop off documents and hope for the best. But the most successful businesses treat their tax advisor as part of their strategic team.
Your accountant can help you:
Evaluate large purchases or business loans
Plan for hiring or expanding
Restructure your business entity for tax efficiency
Navigate regulatory or state tax changes
The more proactive the relationship, the more value you receive—not just in tax savings, but in business insight.
5. Avoid the Filing Season Bottleneck
Accounting firms face their heaviest workloads from February through April. If you wait until then to organize your records, request planning help, or schedule meetings, you’re at the mercy of the queue.
Instead:
Schedule a year-end review in November or early December.
Submit documents as early as possible in January.
Ask for a custom checklist to know what your accountant needs.
Planning ahead gives your accountant time to provide thoughtful advice—not just scramble to hit deadlines.
Final Takeaway
Your tax return is only as good as the preparation that goes into it. By taking action before year-end, you unlock more opportunities, reduce your stress, and get the most out of your accountant’s expertise.
At TBS, we’re committed to making tax season smoother, smarter, and more strategic for our clients. Let’s work together to wrap up your financial year on a strong note.