Here's What You Must Do Before Tax Season

As we move into tax season, most business owners begin by asking the same question…

“What do you need from me to do my taxes this year?”

For over a decade I’ve been working with business owners to help them navigate tax season.

Tax season can be a stressful time for most business owners, but the good news is that it’s almost the exact same process each year.

Knowing that can help to take some of the stress out of tax season.

So today, I’m going to show you how to take control of tax season by getting a firm grasp on which essential documents you’ll need to prepare and some life events that can impact your taxes.

1. Start with the Basics: What Your CPA Needs Every Year

Here’s the checklist that your CPA will be asking for (hint: it’s the same as last year’s, unless something changed):

• W-2s and 1099s: Whether you’re employed, self-employed, or have investments, these forms are a must. Think about all sources of income — your job, side gigs, or any freelance work.
• Mortgage Interest (Form 1098): If you’re a homeowner with a mortgage, your lender should mail this to you. Keep an eye on your mailbox or log into your lender’s portal.
• Investment Income Statements: If you’ve got a brokerage account, make sure to grab your 1099s for interest, dividends, or capital gains.
• Charitable Donations: Did you give back this year? Make sure to document those donations. They could reduce your tax bill.
• Rental Property Income: If you’re renting out property, your CPA will need to know the income and expenses. Don’t forget about repairs, insurance, or any new purchases.

Pro tip: Gather these documents early. Most will come labeled as “important tax documents.” Save yourself the panic search in April by downloading or organizing them now.

2. The Overlooked Life Events Your CPA Needs to Know About

Here’s the stuff that usually gets missed — but shouldn’t:

• New Kids on the Block: Got a new addition to the family? Your CPA needs to know about that little tax deduction.
• Marriage or Divorce: Tying or untying the knot? Let your CPA know ASAP. It impacts how you file and can change your tax bracket.
• House Sale or Purchase: Bought or sold a house? You may qualify for exclusions on capital gains, but your CPA can’t help if they don’t know.
• Major Windfalls: Inherited money, struck it big on a stock, or hit the jackpot with a business deal? Make sure it’s on their radar.

These life changes have a direct impact on your tax situation.

Don’t assume your CPA knows – we don’t normally get birth announcements or wedding invites!

3. The Power of Quarterly Check-Ins: A $10,000 Tip

Here’s a game-changer.

Schedule a quarterly financial check-in with your CPA.

Why?

Because waiting until April is a costly mistake. I once had a client who saved $10,000 in taxes simply by delaying the sale of some stocks by a few weeks — just because we discussed it in a quick end-of-year check-in.

Quarterly check-ins help you catch opportunities, avoid mistakes, and keep more money in your pocket.

It’s like getting a financial tune-up four times a year.

Think of it this way: One hour of planning now can save you thousands later.

Your Next Step: Take Control

If you’re serious about growing your wealth and reducing your tax bill, it’s time to make a move. Schedule that quarterly check-in with your CPA, or if they don’t do them book a session with me.

A few hours a year could save you thousands and make tax season feel less like a mystery and more like a breeze.