January is a busy month for businesses. All fourth-quarter filings, as well as annual filings, are due no later than January 31, 2023. Therefore, closing out your books, confirming their accuracy, and ensuring you complete your filings this month is essential. Below is a quick checklist of items you may need to file, so review it to see what is appropriate for your business.
- Reconcile all bank and credit card accounts
- Review your QB settings for what accounts are “subject” to 1099s
- Collect W9 forms for all eligible vendors
- Update QB to reflect the proper vendor information from the W9 provided
- Final review of 1099s to be issued
- Mail to recipients no later than January 31
- Mail government copies no later than January 31
If you run payroll:
- Make sure your 4th Q payroll taxes have been paid by January 31
- Make sure your 4th Q payroll tax forms have been submitted by January 31
- Generate W2s for all employees and mail them to them by January 31
- Print W3 and government copies of the W2s and mail them to the government by January 31
If you collect sales tax:
- File and pay your 4th Q sales tax no later than January 31
- Check your balance sheet – the ending Sales Tax Payable on December 31 should match exactly what you paid! (Make any other corrections needed.)
Filing your 1099s, W-2s, and ACA forms online eliminates steps, saving you precious time. efile4biz.com is integrated with QuickBooks Online, so you can seamlessly transfer your 1099 vendors and automatically create a 1099-MISC for each – right from your QBO account. This is the quickest and simplest way to get the 1099-MISC filing done.
Starting this year, all 1099s, W2s, and 940 forms, including government copies, are due no later than January 31. So make sure you are ready to meet this deadline!
At Zumifi, we understand the importance of staying on top of your financial filings. Our financial management services can help you create the financial discipline and routine to keep your books organized and up-to-date. We offer a range of services, including monitoring your business’s financial performance, creating budgets and cash flow projections, designing and implementing internal controls, providing advice regarding the technology your business uses, and offering financial review and oversight services to monitor bookkeeping and provide our unique expertise in QuickBooks and financial analysis for your business.
Contact us today to learn how we can help you streamline your bookkeeping process and take your business to the next level.