Checklist
Checklist: Mid-Year Tax Review for Small Businesses
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Is your small business on track for tax season?
By taking proactive steps now, you can avoid the year-end scramble and ensure a smoother experience for your team:
- Identify issues early on: Reviewing your payroll system and tax strategies mid-year allows for timely adjustments and avoids last-minute fixes or costly tax surprises come year-end
- Improve compliance: Tax liabilities and laws can vary significantly across the US. A mid-year review ensures your payroll system is compliant with all relevant regulations, minimizing the risk of penalties and audits
- Assess tax-saving opportunities: Tax laws can offer deductions and tax credits that benefit your company. A mid-year review allows you to assess your current tax strategy and identify ways to maximize potential savings and reduce your taxable income
- Increase accuracy and efficiency: Regular reviews help identify and correct any errors in payroll data or withholding calculations. This improves the accuracy of your payroll system and streamlines future processes
- Gain peace of mind: Knowing your payroll system is compliant and operating efficiently frees up your team to focus on other priorities. It also reduces stress and fosters a sense of control over your financial obligations
Who is this guide for?
- New and busy small business owners looking for a structured approach to a mid-year business review
- HR and payroll managers who want to ensure accuracy and compliance before the year-end tax season
This checklist guides you through a thorough mid-year payroll and tax review, including areas like verifying employee information and benefits, analyzing payroll expenses, and assessing the effectiveness of your current payroll software.
Here's a sneak peek at what's included:
- Employee data deep dive: Verify accuracy of employee information, benefits enrollment, and ensure compliance with tax withholding
- Payroll expense analysis: Scrutinize payroll reports, identify potential cost-saving opportunities, and assess the effectiveness of existing payroll software
- Software scrutiny: Put your current payroll software to the test—is it still fulfilling your needs? Are there features that could improve efficiency or compliance?
- And more
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Disclaimer: This content is for informational purposes only and is not intended as tax or legal advice. The information provided is correct as of the original publication date.