Episode 73: End-of-Year Finance Checklist: How to Close Out Your Year

Dec 21

This episode is your short, practical, no-fluff guide to wrapping up your financial year with confidence. Katelyn walks you through the essential December checklist for business owners and anyone DIY-ing their bookkeeping or preparing for tax season.

From reconciling your November statements to preparing W-9s, reviewing your subscriptions, and strategically timing year-end purchases, this episode breaks down the tasks that save stress, money, and time.

If you’ve ever wondered “Am I missing something important before year-end?” this is your go-to reminder list. It’s simple, actionable, and perfect to replay every December.

Key Takeaways

Reconcile November fully so your books match your actual statements.
Categorize all Q4 activity and get December caught up even before the month closes.
Estimate your Q4 taxes using prior-year comparisons or a calculator.
Never buy unnecessary items “just to save taxes.” Use the tax-bracket strategy instead.
Send W-9 reminders to anyone you paid $600+ for services via cash, check, ACH, Venmo, Zelle, etc.
Review subscriptions quarterly so unused tools don’t drain profit.
Year-end is the best time to catch bookkeeping issues before tax season begins.

Resources:

Smart Year-End Tax Strategies: https://thefreelancecfo.biz/blog/smart-year-end-tax-strategies-balancing-spending-and-tax-savings
Quarterly Estimated Taxes Made Simple: https://thefreelancecfo.kartra.com/page/QuarterlyEstimatedTaxesMadeSimple

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DISCLAIMER:

This Podcast may receive compensation for promoting or recommending products or services through affiliate links. We only recommend products and services that we believe are of value to our listeners. The content provided in this podcast is for informational purposes only and does not constitute professional financial, accounting, or legal advice. Listeners are advised to consult with qualified professionals before making any financial decisions. The Freelance CFO is not responsible for any actions taken based on the information provided.