January 2025

Monthly Newsletter 

Business, Bookkeeping, and Taxes

• Business Insights: 

  • Due to a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN. The extended filing deadline is January 13th, 2025. You can learn more about this recent change on the FinCEN website: https://fincen.gov/boi 

• Bookkeeping Tips: 

  • As tax season approaches, here are some helpful bookkeeping tips to keep you organized and stressfree: Make sure you’ve collected and reviewed all receipts from 2024 to capture every deductible expense. Store your receipts and financial documents in a secure cloud solution for easy access and backup. Ensure your mileage logs for business travel are up to date. If you’re not tracking yet, consider using a mileage tracking app to stay on top of it for 2025. 

• Upcoming Tax Deadlines: 

  • Tax season officially kicks off in late January. Begin organizing your tax documents now to avoid lastminute stress. Make sure these key dates are on your calendar: January 15, 2025 Fourth-quarter estimated tax payment for 2024 are due. January 31, 2025 Employers must distribute W-2 forms to employees and file them with the IRS. All 1099 forms for contractors must be sent out and filed with the IRS.