The Tax Checklist Every business owner should review
The Tax Checklist Every Business Owner Should Review
It’s tax season!!
Which usually means one of two things for business owners:
You’re feeling pretty good… but secretly wondering if you’re missing something
Or you’re already overwhelmed, digging through transactions and hoping nothing gets overlooked
Here’s the good news: tax season doesn’t have to feel like chaos especially when you start with the right checklist.
At Balanced CFO Services, we always say this:
Tax season is not about doing more, it’s about reviewing the right things early.
So before you send anything to your CPA or tax preparer, here’s the tax-season checklist every business owner should walk through and why each step matters more than you think.
Why a Tax Checklist Matters (More Than Ever)
According to the IRS, small businesses are more likely to be audited due to errors and inconsistencies, not wrongdoing. And studies show that many business owners overpay thousands in taxes each year simply because deductions are missed or financials aren’t reviewed in advance.
Translation?
Most tax issues don’t come from bad intentions, they come from lack of structure and late planning.
That’s where a CFO mindset changes everything.
The CFO Tax-Season Checklist Every Business Owner Needs
✅ 1. Are Your Books Fully Updated - Not “Mostly” Updated?
This is the foundation.
Before tax prep begins, your books should be:
Caught up through year-end
Properly categorized
Reconciled month by month
Why it matters:
Messy or incomplete books often lead to missed deductions, higher tax prep fees, and rushed decisions. Clean books allow your tax team to focus on strategy, not cleanup.
CFO Insight: Businesses with organized financials often spend less on tax prep and identify more planning opportunities than those cleaning things up last minute.
✅ 2. Have You Reviewed Personal vs. Business Expenses?
This is one of the most common issues we see.
Business owners often:
Pay business expenses personally
Run personal charges through business accounts
Forget to reimburse themselves properly
Why it matters:
Blurring personal and business expenses can limit deductions and raise red flags during audits. A CFO ensures everything is properly documented and reimbursed, so nothing gets overlooked.
✅ 3. Does Your Payroll and Compensation Still Make Sense?
At the start of tax season, business owners should review:
Owner compensation
Payroll accuracy
Benefits and reimbursements
Contractor classifications
Why it matters:
Incorrect payroll setup can lead to overpaying taxes or underpayment penalties. A CFO helps ensure compensation aligns with both compliance and tax efficiency.
✅ 4. Did You Track All Deductible Expenses Throughout the Year?
Many business owners are surprised to learn how many deductions go unclaimed simply because they weren’t tracked correctly.
Commonly missed areas include:
Meals and travel
Home office expenses
Subscriptions and software
Mileage and vehicle costs
Why it matters:
If it’s not tracked and documented, it’s often not deductible, even if it was legitimate.
CFO Insight: Businesses that review expenses monthly are far less likely to miss deductions than those doing it once a year.
✅ 5. Were Quarterly Tax Payments Accurate?
Estimated tax payments are one of the biggest stress points for business owners.
Ask yourself:
Were estimates based on strategic numbers or guesses?
Did income change mid-year without adjustments?
Were penalties or surprises involved?
Why it matters:
Overpaying estimates ties up cash. Underpaying leads to penalties. Clean financials and CFO oversight help keep payments accurate and predictable.
✅ 6. Did You Review Your Cash Flow Before Tax Season?
Taxes don’t exist in a vacuum, they impact your cash flow.
A CFO review looks at:
Cash available for tax payments
Upcoming obligations
Timing of expenses and income
Why it matters:
When cash flow is planned intentionally, tax payments become manageable.
The Difference a CFO Makes at Tax Time
Here’s what we see every year:
Business owners without CFO support:
Scramble at deadlines
React instead of plan
Accept their tax bill as “just the cost of doing business”
Business owners with CFO support:
Enter tax season prepared
Understand their numbers
Use tax season as a planning opportunity for the year ahead
That’s the difference between filing taxes… and using tax season strategically.
How Balanced CFO Services Supports You
At Balanced CFO Services, we strengthen the entire process by:
Keeping your books clean and accurate
Reviewing financials before tax prep begins
Supporting proactive tax planning conversations
Helping you make informed decisions all year long
Because the best tax outcomes are built throughout the year.
A More Connected, In-House Approach to Tax Season
One of the biggest challenges business owners face during tax season isn’t the taxes themselves... it’s coordination.
Your bookkeeper has one set of numbers.
Your CPA has another set of assumptions.
Your advisor is brought in too late, or not at all.
At Balanced CFO Services, we believe your financial team should work together seamlessly.
That’s why we work directly alongside Epic Private Wealth and The Epic Tax Lab, giving you access to CFO support, tax strategy, and wealth planning all under one roof. And yes, we really do mean on roof.
What that means for you:
Your books, tax planning, and strategy stay aligned
Fewer handoffs and fewer misunderstandings
Proactive planning instead of last-minute scrambling
A clearer picture of how today’s decisions impact your future
When your financial needs are handled in-house by a connected team, tax season becomes calmer, clearer, and far more intentional.
Ready for a More Strategic Tax Season?
If you’re looking for:
✔️ Clean, accurate books
✔️ A proactive CFO perspective
✔️ A coordinated team working together on your behalf
We’re here to help.
Schedule a strategy conversation with Balanced CFO Services and experience what it’s like to have your financials fully supported, not just filed.
