Tax · 6 min read
Questions to Ask Your CPA Before Year-End
A 45-minute call in November can save more tax than 10 hours of cleanup in April. Walk in with these questions and you'll get a planning meeting, not a status update.
Projected tax
- What's my projected federal and state tax bill based on current numbers?
- How does that compare to what I've already paid via estimates and withholding?
- Do I need to make a 4th-quarter estimate, and how much, to avoid penalties?
- Am I on track for safe harbor (110% of prior year or 90% of current)?
Entity and owner pay
- Is my current entity still the right one given this year's net profit?
- If S-Corp: is my reasonable comp where it should be? Do I need to run more payroll before year-end?
- Should I put owner health insurance on my W-2?
- Should I formalize an accountable plan for home office and vehicle?
Retirement and benefits
- Which retirement plan gives me the largest deduction for my situation?
- Am I funding my plan the most efficient way (employee deferral vs. profit share)?
- Should I open a Solo 401(k) or defined benefit plan before 12/31?
- Should I do a Roth conversion this year?
