{"id":3062,"date":"2020-12-07T15:43:58","date_gmt":"2020-12-07T20:43:58","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=3062"},"modified":"2025-04-24T10:59:19","modified_gmt":"2025-04-24T14:59:19","slug":"year-end-tax-prep-for-small-businesses","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/year-end-tax-prep-for-small-businesses\/","title":{"rendered":"4 year-end tax prep strategies every small business owner needs to know [Infographic]"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/category\/money-matters\/\" class=\"entry-header__link\">Money Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\t4 year-end tax prep strategies every small business owner needs to know [Infographic]\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2020-12-07T15:43:58-05:00\">December 7, 2020<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"4 year-end tax prep strategies every small business owner needs to know [Infographic]\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/year-end-tax-prep-for-small-businesses\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-us\/blog\/author\/thomascasey\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/Profile-Photo-ThomasCasey.jpg\" class=\"entry-author__image\" alt=\"Thomas Casey Sage\" \/>\t\t\t\t<span class=\"entry-author__name\">Thomas Casey<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p><span style=\"font-weight: 400;\">Managing a small or growing business is a tough enough job without the anxiety of filing taxes. That&#8217;s why smart business owners plan early to ensure their finances are in order. By getting a jump on tax prep, business owners can alleviate stress and set up the business for success in the following year.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Check out our guide explaining tax prep strategies you should consider before the calendar flips to 2021:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Account for <a href=\"https:\/\/www.sage.com\/en-us\/blog\/better-fixed-asset-depreciation-process\/\" target=\"_blank\" rel=\"noreferrer noopener\">asset depreciation<\/a><\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Understand <a href=\"https:\/\/www.sage.com\/en-us\/blog\/merger-acquisition\/\" target=\"_blank\" rel=\"noreferrer noopener\">contract revenue regulations<\/a><\/span><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sage.com\/en-us\/blog\/5-ways-to-manage-your-cash-flow\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Manage cash flow<\/span><\/a><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Establish a plan for 2021<\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">Keep reading for more details, and remember: There&#8217;s no need to go it alone. Consult with a trusted accounting professional to ensure your business&#8217; books are in order.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1675\" height=\"2542\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/Year-End-Graphic.jpg\" alt=\"4 year-end tax strategies small businesses need to know\" class=\"wp-image-8076\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/Year-End-Graphic.jpg 1675w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/Year-End-Graphic-506x768.jpg 506w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/Year-End-Graphic-534x810.jpg 534w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/Year-End-Graphic-768x1166.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/Year-End-Graphic-1012x1536.jpg 1012w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/Year-End-Graphic-1349x2048.jpg 1349w\" sizes=\"auto, (max-width: 1675px) 100vw, 1675px\" \/><\/figure>\n\n\n\n<p><strong><small>Download the full-size version of the <a href=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/Year-End-Graphic.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Year-End Infographic.<\/a><\/small><\/strong><\/p>\n\n\n\n<p><strong>For more year-end tax tips:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Visit: Our <a href=\"https:\/\/www.sagecity.com\/p\/yearend\" target=\"_blank\" rel=\"noreferrer noopener\">year-end resource page<\/a>.<\/li>\n\n\n\n<li>Read: <a href=\"https:\/\/www.sage.com\/en-us\/blog\/how-to-get-your-business-ready-for-year-end\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tips to get your small business ready for year-end<\/a><\/li>\n\n\n\n<li>Calendar: <a href=\"https:\/\/www.sage.com\/en-us\/blog\/know-your-irs-tax-dates\/\" target=\"_blank\" rel=\"noreferrer noopener\">Know your tax dates and IRS forms <\/a><\/li>\n<\/ul>\n\n\n\n<p><em><small>Editor&#8217;s note: This article was originally published in 2017 and has been updated for relevance.&nbsp;<\/small><\/em><\/p>\n \n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">How to choose an accountant<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<div class=\"page\" title=\"Page 1\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Discover our expert insights into choosing the best accountant for your business.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-f988ae6d-d348-4633-aff6-95c17597c0d9\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Download the guide<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-642293271-1440x810.jpg\" class=\"single-cta__image\" alt=\"Sage Member Masterclass\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-642293271-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to our Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get our latest business advice delivered directly to your inbox.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ab515c6e-7e90-4c2f-a67e-113872516e8b\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"Working from home with tea in hand\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Managing a small or growing business is a tough enough job without the anxiety of filing taxes. That&#8217;s why smart business owners plan early to ensure their finances are in order. By getting a jump on tax prep, business owners can alleviate stress and set up the business for success in the following year. Check [&hellip;]<\/p>\n","protected":false},"author":393,"featured_media":3091,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[348,43],"tags":[110,116,118,193],"business_type":[40,312],"lilypad":[],"context":[102],"industry":[56,58,55,54,59],"persona":[150,96,97],"imagine_tag":[222,464,230,231],"coauthors":[709],"class_list":["post-3062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-free-guides-templates","category-money-matters","tag-accounting-101","tag-compliance","tag-tax","tag-year-end","business_type-small-business","business_type-accountants","industry-ecommerce","industry-nonprofit","industry-professional-services","industry-retail","industry-travel-hospitality"],"sage_meta":{"region":"en-us","author_name":"Thomas Casey","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/12\/TaxPrepforSmallBusinesses.jpg","imagine_tags":{"222":"Accountants","464":"GDPR","230":"Small business","231":"Start up business"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/3062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/393"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=3062"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/3062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/3091"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=3062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=3062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=3062"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=3062"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=3062"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=3062"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=3062"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=3062"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=3062"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=3062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}