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2020 Year-End Checklist

If you've been wishing away 2020, it worked! The year is almost over, which means the onset of a busy tax season. Please review this important checklist as soon as possible, so you can take any required actions before it's too late.

  1. 1099s are due Monday, February 1, 2021 and in order for Remote CPA to file them on your behalf, I'm asking for all relevant W-9s before year-end. Please check out this guide on the Remote CPA website to send and securely upload W-9s.

  2. If you think you might owe tax this year, it's a great time to setup a SEP IRA/SIMPLE IRA/401k and make tax deductible contributions. Why pay the IRS when you can pay yourself?

  3. If you were lucky enough to have a high income in this dreadful year, your estimated tax payments are due Friday, January 15, 2021. Please reply to this email if you need help making an online payment.

  4. Ensure accuracy for all payroll employees (name, DOB, address, email address). It would be a good time to get them setup to receive electronic communications so you can avoid the question, "When am I getting my W-2?"

  5. As part of the 2020 CARES Act, individuals can deduct up to $300 for charitable donations on their 1040, even if they don't itemize their taxes. Click here to read more about this on the IRS website.

  6. Follow-up on any uncashed checks that are lingering on your reconciliations, so we can have a clean year-end close.

  7. Click here to schedule a year-end check-up meeting via Zoom to go through any questions you have. Let's make sure your ducks are in a row. Hurry! The calendar is filling up quickly.

Please note, Remote CPA will be closed (except for payroll) from Wednesday, December 23 through Friday, January 1.

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