Preparing to File Your Taxes: Small Business Tips for December

Shelley Thompson
Dec 1, 2025
2 min read

December is a critical month for small business owners as you prepare to close out the year and get ready for tax season. Taking the right steps now will save you time and stress in the months ahead, ensuring that your financial records are accurate and complete.

At ASL Tax, Shelley helps small business owners navigate year-end tasks and prepare for a smooth filing process. Here’s how to wrap up 2025 and enter tax season with confidence.

1. Review and Reconcile Your Accounts

Before the year ends, review all your financial accounts to ensure they’re accurate and up to date. Reconcile your:

Bank statements.
Credit card accounts.
Payroll records.

Action Tip: Use bookkeeping tools like QuickBooks Online to simplify the reconciliation process and spot discrepancies quickly.

2. Organize Your Tax Documents

Gather all necessary documents for tax filing, including:

Income statements (1099s, W-2s, or other records).
Expense receipts for deductions.
Records of any tax-deductible purchases made throughout the year.

Pro Tip: Use cloud-based storage like Google Drive to keep everything in one place and easily accessible.

3. Evaluate Year-End Purchases

If you’ve been considering upgrading equipment or investing in new software, December is a great time to make those purchases. Certain expenses may be tax-deductible for 2025, which could reduce your taxable income.

Reminder: Consult with Shelley at ASL Tax to determine what qualifies as a deductible business expense.

4. Review Employee Payroll and Bonuses

If you have employees, make sure payroll records are accurate and bonuses are processed correctly. This is also a good time to confirm that W-2s and 1099s are ready to send out by the January deadline.

5. Set Goals for the New Year

While you’re closing out the current year, take time to set financial goals for the next. This might include:

Reducing expenses in specific areas.
Increasing revenue by a set percentage.
Improving cash flow through better receivables management.

Shelley can help you create a roadmap to achieve these goals with tailored financial planning services.

Partner with ASL Tax for a Stress-Free Tax Season

Preparing for tax season doesn’t have to be overwhelming. With Shelley’s help, you can wrap up 2025 and start the new year organized and ready to succeed.

Ready to prepare for tax season? Contact ASL Tax to schedule a consultation today.