In this Gorfine, Schiller & Gardyn podcast interview, Laura Shuman, Director, Small Business at GSG, discusses financial planning and accounting tips for small business owners need to know when it comes success in 2025.
For any small business, effective accounting and financial planning is critical for long-term success – especially before we prepare to navigate the opportunities and challenges of a new year.
For example, it’s important to note that there’s been a big change when it comes to reporting beneficial ownership information (BOI). In light of a recent federal court order, reporting companies are not currently required to file BOI with FinCEN and are not subject to liability if they fail to do so.
In addition, although it is still unclear what the impact of Trump’s second term will have on small business taxes and accounting, there are many things small business owners should do to set themselves up for success.
For example, now’s the time to make sure you have all the appropriate information needed to prepare your 1099 tax forms, which are due by the end of January. It’s also important to note that electronic payment processors such Venmo, PayPal and Cash App will issue 1099-K to recipients. Though, Zelle does not issue 1099-Ks.
Following are key highlights from this interview:
- Changes that small businesses should be aware of as they plan for 2025, and an update on BOI reporting. (:30)
- Why it is crucial for small businesses to submit their financial documents to their accountant early in preparation for year-end accounting and taxes. (3:11)
- The key steps required for businesses to ensure they have all the necessary details ready for filing 1099 forms, and more about electronic payment processors and their issuance of 1099-K forms. (4:33)
- Key strategies for getting financial records in order for 2025. (7:15)
- The common mistakes and overlooked areas that small businesses tend to encounter when preparing for end-of-year accounting and taxes, and how can they be avoided. (9:10)
- How GSG can help small businesses with accounting and financial planning in 2025. (12:40)
We would like to thank Laura for sharing these planning tips for small businesses with us. Please contact GSG here to learn more about how we can help your small business get started on the right financial foot in 2025.
Categories: Tax Planning, Small Business
