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Small Business Accounting Checklist for January

Staying on top of your small business accounting checklist for January is an important way to begin the New Year. Examine numbers in order to evaluate your business’s success and ensure that you don’t miss any imperative tax deadlines.

Small Business Tax Deadlines in January

The following forms need to be completed and filed as required by the IRS by the end of January:

W2 Forms for Employees: Businesses are legally required to provide every employee on payroll with copies of form W2 (Wage and Tax Statement). Include wages that were paid in 2022 and the total value of special gifts or accrued bonuses.

W3 Form for the Social Security Administration: A W3 form needs to be submitted to the Social Security Administration, to include wages, tips, and other compensation employees received.

Form 1099-NEC: Provide any contract workers, freelancers, or service providers that were paid more than $599 in 2022 with a copy of Form 1099-NEC.

Form 1096 Summary: This form must be filled at the same time as the 1099-NEC documents to report non-employee compensation.

Estimated Tax Payment: The schedule for estimated tax payments (1040ES) falls with one of the quarterly payment deadlines in January. Small businesses should pay the amount that your accountant listed on the payment voucher by January 15. This estimated payment is applied to your overall tax calculations, with all of the details of the year being calculated before the tax date coming up on April 15.

Employment Taxes: Depositing taxes and reporting taxes are different, determined by the tax liability reported on Form 941. Review and follow the due dates for employment taxes this year to ensure you are keeping up with the requirements set by the IRS.

How Anderson, Adkins & Company Can Help

Staying ahead of schedule not only alleviates stress, but it ensures that you are staying compliant and never miss a deadline or face fees and penalties from the IRS. Preparing ahead of time gives you the option to hire an accounting team to assist with the calculations and preparation of all tax forms. Let our experienced team at Anderson, Adkins & Company help with your small business accounting checklist for January and take care of the paperwork so that you can keep your focus on other important business tasks. Whether you need assistance with the preparation and filing of W2 and 1099 forms, or you are looking for a long-term accounting strategy, we invite you to call us to learn more about available services. Reach out to us today to get started.

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