Year End Closing Checklist for Business Owners

Unlike the month-end closing process, year-end closing involves a holistic review of all financial activities and adjustments made throughout the year, such as:


  • Income, expenses, assets, liabilities and equity changes
  • Accruals, depreciation, bad debt provisions and tax adjustments

The goal of closing the books is to ensure your financial statements add up—meaning they accurately reflect your company’s financial activities for the accounting year. 


Here is a rundown of the items that may need to be done for the year-end closing process:


  1. Reconcile all bank, credit cards and line of credit accounts. This includes paypal, square, shopify, etc.
  2. Review reconciliations for stale transactions that need to be voided
  3. Review accounts payable & accounts receivable for old accounts that should be voided or written off
  4. Review your fixed asset list to make sure all vehicles and equipment purchases over $2,500 are recorded properly at cost
  5. Value your inventory - you should take a physical inventory count at cost
  6. Record interest on liabilities and confirm principal balance is accurate on balance sheet
  7. Process 1099-Misc & 1099-NEC for all vendors - deadline is 1/31/25 to mail/e-file

Upcoming Deadlines:


  • December 31, 2024: 401(K) Contributions Due
  • January 15, 2025: Form 1040-ES-Estimated Tax Payment Due
  • January 31, 2025: Forms W-2's & W-3, Forms 1099-NEC, Forms 1099-Misc & 1096 due
  • March 15, 2025: Business Returns for S-corporations, Partnerships, & Trust
  • March 31, 2025: FL Homestead Exemption Applications
  • April 1, 2025: FL Tangible Property Tax Return Due
  • April 15, 2025: Personal & C-Corporation Tax Returns for residents that are not located in Federally Declared Disaster Zone
  • May 1, 2025: Personal Tax Return Deadline for 2024 Form 1040 (Deadline was extended for taxpayers residing in Federally Declared Disaster Zone - Applies to Florida Residents
  • May 1, 2025: Personal Tax Return Deadline for 2023 Form 1040 (Deadline was extended for taxpayers residing in Federally Declared Disaster Zone - Applies to Florida Residents on extension for 2023
  • May 1, 2025: FL Annual Reports Due



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Have Questions? Schedule your Year End Tax Planning Meeting Now!


Click the link below to book your Meeting with me!


Book Now!


If you have difficulty scheduling, please call 561-659-1177, option 2

BOI Reporting Update


Federal court blocks enforcement of beneficial ownership reporting rule


Less than a month before a Jan. 1 deadline for businesses to report their beneficial owners to the Financial Crimes Enforcement Network, a federal judge in Texas has issued a preliminary injunction blocking enforcement of the requirement. The order states that covered companies nationwide do not need to comply with the Jan. 1 reporting deadline, unless a higher court reverses the order.


The lawsuit, brought by the National Federation of Independent Business and several of its members, challenged the constitutionality of the Corporate Transparency Act, the 2021 bill that established a beneficial ownership information, or BOI, registry and the requirement for businesses to report. The plaintiffs argued that the CTA exceeded Congress’s authority to regulate interstate commerce, that it violates the First Amendment by compelling speech and infringing freedom of association and that it violates the Fourth Amendment by forcing the disclosure of private information.


Stay tuned for updates!


Thank The Cosmos for Mercury Retrograde

Also Embrace and Send Loving Healing Energy to Those in Need of It


Now and in the Future

Cosmic Mojo Facts and Details

Mercury: The Planet of the Mind

Mercury Retrograde: 11/25 – 12/15

In the sign of Taurus - Ruled by Venus (Love)


Jupiter: The Planet of Luck

Jupiter Retrograde: 10/9 – 2/4/25

In the sign of Gemini: Ruled by Mercury (Thinking)

An Introductory Note from Hattie:

I am writing this article asking for you to extend energetic support and on-going understanding to Jill DiSalvo, partner in DiSalvo and Associates, Inc. and two of her trusted employee staff members. Undoubtedly, if you have (or do now) read the lead articles in this newsletter you know why this is particularly relevant at this time. My goal in writing this Cosmic Mojo is to help those touched by tragedy directly or at a distance to trust that some way or another everyone will manage to figure out how to,

make it through pain, sadness and disruptions to business-as-usual.


To Jill’s tax clients:

I have known and watched Jill function for over 5 years. She is an incredibly resilient

professional. She will figure out the next needed right actions to be making so she reliably serves the people who rely upon her. My reasoning behind why, on my own, I have chosen to be making this call to

understanding to her clients is to make you aware of the business-related dynamics. This upcoming tax season will be a time, more so than ever before, that when you are asked to send information in a timely manner that

you do so. I also assure you, knowing Jill, that you can trust her to be resilient. Thus, I encourage understanding and flexibility. This time of tragedy induced trauma means there will now be unanticipated needs for change in procedures. I write this newsletter to share and make you aware that I know you can count on Jill. I also, want you to know there are favorable Cosmic Mojo energies. The Cosmos supports that creative problem solving will naturally emerge.


Mercury Retrograde in Sagittarius: A Time for Creative Problem-Solving As we have been in a Mercury retrograde in Sagittarius since 11/25, those of us tuned into cosmic trends may be bracing for the usual mix of communication mishaps, tech glitches, and travel disruptions that typically accompany this planetary transit. However, there’s an overlooked silver lining to Mercury’s retrograde period—especially when it occurs in Sagittarius, the sign of expansion, philosophy, and adventure.



This Mercury retrograde offers an opportunity to step back, rethink, and approach problems from new and unexpected angles. With Sagittarius ruled by Jupiter, the planet of growth, optimism, and higher learning—currently in retrograde itself—the cosmic conditions are ripe for profound creative problem-solving.


A Time for Reflection and Re-evaluation

Mercury retrograde is often misunderstood as purely a time of chaos and setbacks, but it can be a powerful period of reflection and re-evaluation. In Sagittarius, a sign known for knowledge, exploration, and philosophical inquiry, Mercury invites you to pause and reassess your beliefs, goals, and strategies. This is a perfect opportunity to revisit past projects, unfinished ideas, or long-term plans that may need some course correction.


While the retrograde period may bring delays or frustration, it also provides a space to slow down and think critically. With Sagittarius’ expansive energy, this isn’t about getting bogged down in details—it’s about

zooming out and looking at the bigger picture. Mercury retrograde in Sagittarius encourages you to ask questions like: “What am I missing in my approach?” “How can I rethink my strategy?” or “What perspectives

have I neglected?”


This moment of introspection can lead to breakthrough ideas, as you let go of old assumptions and consider alternative solutions that might have previously seemed out of reach.


Jupiter Retrograde:


Adding a Layer of Depth

Adding another layer of depth to this creative problem-solving energy is Jupiter, the planet that rules Sagittarius. Jupiter’s influence encourages you to trust your inner wisdom and to take risks with new ideas, all while doing so with thoughtful deliberation. Creative Problem-Solving: Practical Tips for Navigating Mercury Retrograde in Sagittarius



1. Rethink Old Ideas: Don’t be afraid to go back to the drawing board. Mercury retrograde in Sagittarius is an ideal time to revisit old projects or ideas that may need updating, refining, or a fresh approach. Rather than feeling frustrated by delays, embrace this as an opportunity for creative evolution.


2. Seek New Perspectives: Sagittarius loves adventure and exploration. During this retrograde, take the time to






~Hattie


With Love & Gratitude,

XO


Jill & Team!

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