Apply now
Mobile Navbar with Logo and Close Button

Blog

Get Your Business Ready for Tax Season: Q1 Tax Prep Checklist

January 7, 2025

The start of the year is a great time to ensure your business is financially organized. Preparing for tax season doesn’t have to be overwhelming if you take it step by step. This Q1 Tax Prep Checklist will guide you through organizing your documents, understanding deadlines, and ensuring you’re maximizing deductions.

 

Step 1: Gather All Necessary Documents
To begin, make sure you have the following items ready:
  • Income Records: Include invoices, sales records, and any 1099 forms you’ve received.
  • Expense Records: Organize receipts for business purchases, operational costs, and utility bills.
  • Financial Statements: Bank statements and credit card statements are critical for verifying expenses.
  • Employee/Contractor Documentation: Collect W-2s, 1099s, and payroll records if applicable.
Pro Tip: Use an expense tracking tool or software to stay on top of your records year-round.

 

Step 2: Organize Your Records
Keeping everything in order saves you time and stress:
  1. Sort By Category: Separate income, expenses, and deductions into folders or labeled files.
  2. Digital Backups: Scan paper receipts and save digital copies in a secure cloud storage system.
  3. Mileage Logs: If you use a personal vehicle for business purposes, ensure your mileage log is up to date.
Pro Tip: Use tools like QuickBooks, Xero, or Wave to automate expense tracking and financial organization.

 

Step 3: Know Your Key Deadlines
Mark these important Q1 tax deadlines on your calendar:
  • January 15: Estimated tax payments for Q4 2024 are due.
  • February 1: Deadline to issue 1099-NEC and W-2 forms to contractors and employees.
  • March 15: Deadline for S-Corp and partnership tax returns.
Pro Tip: Double-check your deadlines with a tax professional to avoid penalties.

 

Step 4: Maximize Deductions
Don’t leave money on the table! Common deductions for small businesses include:
  • Home office expenses.
  • Marketing and advertising costs.
  • Business travel and meals.
  • Equipment and software purchases.
Pro Tip: Work with a tax advisor to identify industry-specific deductions you might qualify for.

 

Step 5: Consult with a Tax Professional

Tax laws can be complex and vary by state. Consulting a professional ensures accuracy and helps you uncover opportunities to save. Many CDFIs and community organizations also offer free or low-cost tax preparation resources for small business owners.

Access Plus Capital, a community development financial institution (CDFI) serving underinvested communities in central California, is dedicated to supporting small businesses. We offer a range of free resources, including technical assistance, to help you navigate tax season with confidence. Contact us at info@accesspluscapital.com or through our contact form to learn more about our services.

 

Bakersfield Location
841 Mohawk Street
Bakersfield, CA 93309
(661) 322-9019

 

Fresno Location
2607 Fresno Street
Fresno, CA 93721
(559) 552-4300

 

Modesto Location
(209) 297-9620

 

Sacramento Location
916-237-8430

 

Resources:
Read More

Tips for Small Business Success

August 23, 2023

Starting and running a small business is a lot of work, but it can also be incredibly rewarding. If you’re looking to start or grow your small business, here are a few tips to help you succeed:

 

Create a business plan.

A business plan is a roadmap for your business. It should outline your goals, strategies, and financial projections. A well-written business plan can help you attract investors, secure loans, and make better business decisions. 

 

Market your business effectively.

There are many ways to market your business, including online marketing, print advertising, and word-of-mouth. It’s important to choose the marketing channels that are right for your business and to track your results so you can see what’s working and what’s not.

 

Get the right financing.

There are many different types of financing available to small businesses, including loans, and equity investments. It’s important to compare your financing options and choose the one that’s right for your business.

 

Build a strong team.

The success of your business depends on the people you hire. Make sure you hire employees who are talented, motivated, and share your vision for the business.

 

Provide excellent customer service.

Customer service is one of the most important things you can do to keep your customers happy and coming back for more. Make sure you are responsive to customer inquiries and that you go above and beyond to meet their needs.

 

Never give up.

Starting and running a small business is hard work, but it’s also incredibly rewarding. There will be times when you want to give up, but it’s important to persevere. If you have a great idea and you’re willing to work hard, you can achieve your goals.

 

Access Plus Capital offers technical assistance to businesses that are seeking to start up, expand, or improve their operations. This assistance can include help with business planning, marketing, and financial management. We believe that by providing this assistance, we can help businesses to succeed and to contribute to the economic growth of our community.

 

To learn more about our technical assistance services, visit our website at www.accesspluscapital.com/contact/. 

Read More

Apply today and take the next step toward your business success!

Apply Now

Our Vision: Where capital is no longer a barrier to success in central California.

Subscribe to our Newsletter
Linkedin-in Instagram Facebook-f

Bakersfield
841 Mohawk Street Bakersfield, CA 93309
(661) 322-9019

Modesto
1625 I Street Modesto, CA 95354
(209) 297-9620

Fresno
2607 Fresno Street Fresno, CA 93721
(559) 552-4300

Sacramento
(916) 237-8430

Equal Opportunity For All – Title VI of the Civil Rights Act: Prohibits discrimination based on race, color, and national origin in programs and activities receiving federal financial assistance, while Section 504 of the Rehabilitation Act prohibits discrimination based on disability in such programs.

© 2025. Access Plus Capital, a dba of Fresno CDFI. All Rights Reserved.

Website by CreativeHub