Year-End Financial Checklist

Tax Planning Before Year-End

• Review estimated tax payments made throughout the year and determine if additional payments are needed to avoid underpayment penalties at the federal and state level.
• Evaluate whether to accelerate deductible expenses (equipment purchases, prepaid expenses) or defer income to optimize your current-year tax position.
• Assess eligibility for the R&D tax credit and ensure you have documentation of qualifying activities and expenses to support your claim.
• Review your entity structure and state tax obligations to identify any planning opportunities before the year closes, including potential Section 199A deductions for pass-through entities.