November 2024: Year-End Checklists: Simplify Your Tax Season Now

It’s that time of year again—the holidays are approaching, and while you’re busy helping clients feel their best, your financials might be feeling a little neglected. Don’t worry—we’ve got your back! A little prep now will save you time, stress, and maybe even money come tax season.

Year-end prep is essential for avoiding stress and ensuring your business is ready for tax season. Start by reconciling your accounts—matching your bank statements with your bookkeeping records—to ensure everything aligns. Gather and categorize your receipts, focusing on deductible expenses like supplies, marketing, and professional development. Take time to review your financial statements, such as your profit and loss report, to spot trends or anomalies. Simplify your chart of accounts by eliminating unused categories, and prepare for tax season by noting deadlines, updating W-9s for contractors, and confirming what your accountant will need. For wellness practitioners, this can be as simple as dedicating a few minutes between client sessions to tackle these small but crucial tasks.

Think of it as a holistic practice for your finances. Just like aligning chakras or centering your breath, tidying your books brings balance and peace. You’ll enter the new year with confidence, ready to focus on what you love—helping others heal and thrive.

Want a checklist you can check off? Click HERE and we will email you ours!