Year-End Tax Checklist for Georgia Small Business Owners

Year-end sneaks up on every business owner. One week you’re juggling fall orders or job sites; the next, it’s December and your accountant is asking for receipts. The good news: most tax-saving moves are still on the table in the fall — as long as you make them before the calendar flips.

Here’s the checklist we walk through with Georgia small business owners every year. Work through it in October and November, and January becomes a lot calmer.

1. Get your books current

Every other item on this list depends on accurate numbers. Reconcile every bank, credit card and loan account through at least the end of October, categorize stray transactions and clear out duplicates. If you’re months behind, now is the time to get bookkeeping help — catching up in January means making decisions after the chance to act has passed.

2. Project your tax bill

With current books, you can estimate your full-year profit and your likely federal and Georgia tax. A projection turns vague worry into a number and shows how much the rest of this list is worth to you.

3. Time income and expenses

If you use the cash method, timing matters. Expecting a lower-income year ahead? Consider invoicing late-December work so payment arrives in January, and paying deductible bills — rent, supplies, professional fees — before December 31. If next year looks bigger, the opposite may make sense. Don’t prepay too far ahead, though: expenses that cover more than about 12 months generally have to be deducted over time.

4. Buy equipment on purpose

Equipment, vehicles and software placed in service by December 31 may be deductible this year under Section 179 or bonus depreciation, both expanded by the 2025 federal tax law. Two cautions: buy what you actually need, since a deduction only offsets part of what you spend, and remember that Georgia doesn’t follow every federal depreciation rule — historically it hasn’t allowed federal bonus depreciation — so your state deduction may differ.

5. Fund your retirement plan

Retirement contributions are one of the most reliable ways to lower your tax bill while paying yourself. A SEP IRA can generally be opened and funded up to your filing deadline, including extensions. A Solo 401(k) has tighter setup rules but can allow larger contributions at lower income levels, so talk to us before December 31 if you’re considering one.

6. Collect W-9s and prepare for 1099s

If you paid independent contractors, you’ll need their W-9s to file Form 1099-NEC by January 31. For payments made in 2026, the federal reporting threshold rises to $2,000 per contractor (it was $600), but collect a W-9 from everyone up front — it’s far easier than chasing them in January. Payments made by credit card or through payment apps are generally reported by the payment processor instead.

7. Close out payroll correctly

Confirm employee names, addresses and Social Security numbers. Record taxable fringe benefits, such as personal use of a company vehicle or gift cards, and include S corporation owners’ health insurance premiums in their W-2 wages. W-2s are due to employees and the Social Security Administration by January 31. Our payroll team handles all of this for clients.

8. Check S corp owner pay

If your business is an S corporation, make sure you’ve paid yourself a reasonable salary through payroll before year-end. Taking distributions without adequate wages is a red flag for the IRS and is hard to fix after the fact.

9. Plan your fourth-quarter estimates

Federal and Georgia fourth-quarter estimated tax payments are due January 15. If you’ve had a strong year, a projection helps you avoid an underpayment penalty — and a surprise in April.

10. Consider Georgia’s pass-through entity tax

Georgia lets S corporations and partnerships elect to pay state income tax at the entity level. For some owners, that turns state tax into a federal business deduction that isn’t limited by the cap on state and local tax (SALT) deductions. The math depends on your income and the current SALT rules, so ask us to run the numbers.

11. Line up Georgia and local renewals

Georgia corporations and LLCs file their annual registration with the Secretary of State between January 1 and April 1. Business licenses (occupational tax certificates) in Henry County and its cities are also typically renewed each year. Put both on your calendar now.

12. Organize your records

Count inventory at year-end if you carry it, and if you use the accrual method, write off invoices you truly can’t collect. Update your mileage log and upload receipts to your portal. When everything is in one place, your tax return gets done faster — and more accurately.

Start before December

The earlier you start, the more options you have. Book a free consultation and we’ll build your year-end plan together, from the projection to the paperwork.