Checklist: Mid-Year Tax Review for Small Businesses

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

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