A year-end tax planning meeting can be one of the most useful hours you spend on your business all year. It can also turn into an hour of "I'll have to get back to you on that." The difference usually isn't the advisor. It's what the owner brings into the room.
When the numbers are on the table, the conversation moves to decisions: when to take income, when to spend, how to pay yourself and what to set aside. When they aren't, the meeting becomes a list of things to chase down, and by the time they're found, December is half over.
Here's the checklist we give small business owners in Sarasota, Bradenton, Lakewood Ranch and Venice before a year-end planning meeting. It works the same way for a service firm, a contractor, a professional practice, a shop or a real estate brokerage.
1. Books that are current and reconciled
Everything else on this list depends on this one. Before the meeting, get your bookkeeping caught up and your bank and credit card accounts reconciled through the most recent month end you can, ideally October.
If the books are a few months behind, say so up front. A planning meeting built on stale numbers can point you toward the wrong decisions, so it's better to know where the gaps are than to guess around them.
2. Your year-to-date profit and loss and balance sheet
Run both reports from your books and bring them with you. The profit and loss shows what the business has earned so far this year. The balance sheet shows what it owns and owes: cash, receivables, loans, credit card balances and any money you've put in or taken out.
Together they answer the first question in any tax planning conversation: where do we actually stand?
3. A rough look at November and December
The year isn't over yet, so the numbers through October aren't the full picture. Bring a simple estimate of what you expect the last two months to look like:
- Jobs, projects, closings or sales you expect to finish and bill before December 31
- Large invoices you expect to collect, or that might slip into January
- Big bills you expect to pay before the end of the year
It doesn't need to be precise. A reasonable range is enough to see whether this year is shaping up higher or lower than last year, and that changes the advice.
4. Payroll totals and what you've paid yourself
Bring your year-to-date payroll reports, plus a clear record of what you've taken out of the business as the owner, whether that's salary, draws or distributions. How and how much owners pay themselves is one of the most common topics in a year-end meeting, and it's hard to plan without the actual figures.
If you have employees or contractors, have a list of who you've paid this year. It will save time in January too.
5. Every estimated tax payment you've made
List each federal estimated payment you've made for 2026, with the date and the amount, and any other tax deposits you've made along the way. Your advisor will want to compare what you've paid with what you're likely to owe, so you know whether you're on track, short or ahead before the year closes.
6. Purchases you've made or are planning
Make a list of larger purchases from this year and any you're considering before December 31: equipment, tools, vehicles, computers, software, furniture or improvements to your space. Include the date and price for anything already bought.
Timing a planned purchase is one of the decisions a year-end meeting is built for, but only if it's on the table before the year ends.
7. Retirement plan details
If the business offers a retirement plan, or you contribute to one as the owner, bring the plan type and what has gone in so far this year. If you don't have one and have been meaning to look into it, put it on your list of questions. Year-end is a natural time to talk it through.
8. Last year's tax return
Bring a copy of last year's business return, and your personal return if the business income flows through to it. It gives your advisor a baseline to compare against and often answers questions before they come up.
9. Your open questions for 2027
Finally, write down the decisions you're already thinking about for next year: hiring, raising prices, adding a location, buying a vehicle, changing how the business is set up, or simply paying yourself more consistently. A planning meeting is as much about the year ahead as the year behind, and your questions help shape the advice.
What this turns the meeting into
With these nine items in hand, the hour goes to the questions that matter. Should income or expenses land in this year or next? Is your owner pay set up the way it should be? Is there anything worth doing before December 31, and is there anything you should wait on?
Without them, a lot of that hour goes to finding paperwork.
If you'd like help pulling this together, or want us in the room for the conversation, we work with small businesses across Sarasota, Bradenton, Lakewood Ranch and Venice. Book a time to talk with us and bring your list.