Year-End Information
Information We Need From You
Below are the items we’ll need you to send us, if they apply to your situation. Getting these together early means fewer follow-up emails and a faster filing.
Personal Changes
Let us know if any of the following changed during the year:
- Residence address and/or mailing address
- Email address
- Phone number
- U.S. bank account
- Purchased or sold a home
- Legally married
- Number of dependents (e.g., additional children via birth/adoption, someone you care for in your home)
Tax Forms
Send us all tax forms you’ve received, including:
- Forms 1099 (NEC, MISC, DIV, INT, etc.)
- Form W-2
- Form 1042-S
- Form 1099-G — Includes unemployment received
- Form 1098 — Mortgage interest
- Form 1098-E — Student loan repayment interest
- Form 1098-T — Tuition payments
- K-1s
- SSA-1099 — Social Security
Business Expenses
If you own a business or work as an independent contractor/freelancer, we need your business-related expenses for the 2025 calendar year.
Important: Always save your receipts and statements for 5 years, but we don’t need copies of them.
Estimated Taxes
Tell us what you paid in estimated taxes and when you paid them. We send the vouchers, but we don’t know if you actually pay them. Separate federal and state payments.
Retirement Plan Contributions
Let us know if you’ve already contributed, or want to contribute, to any retirement plan for 2025 — Traditional IRA, Roth IRA, SEP IRA, Solo 401(k), or another qualified plan.
Unemployment Received
If you received unemployment benefits during 2025, most states won’t mail you Form 1099-G. You’ll likely need to download it from your state’s unemployment website and send it to us.
Foreign Income
Let us know if anyone outside the U.S. paid you during 2025 (deposited into your bank account), and whether you paid taxes to that country or had them withheld from your pay.
Foreign Bank Accounts
If your foreign bank accounts or other foreign financial accounts cumulatively reached a balance of at least $10,000 USD at any point during the year, we’ll need the following for all accounts:
- Name of the financial institution or trust
- Full address of the financial institution or trust
- Account number
- Highest balance the account reached during the calendar year
- Total income earned from the account during the year, if any (e.g., interest, dividends, or sales)
General Tax Information & Requirements
Review these items as part of your year-end planning. Most apply broadly.
Bank Statements
Download and save your bank and credit card statements every few months. If you close the account or replace your credit card, you may not be able to get them back.
You don’t need to send these to us —. Just keep them for your own records.
Business Expenses — What to Include
Business owners are responsible for their own bookkeeping. When calculating your expenses, make sure you’re including the right amounts:
- U.S. Citizens, Green Card holders, and Resident Aliens: Any expenses incurred anywhere in the world from any bank account or credit card
- Nonresident Aliens (in the U.S. for less than 6 months during 2025): Any expenses from any bank account or credit card related specifically to your work in the U.S.
Delayed Refunds From Form 1042-S
If you were paid via Form 1042-S, the IRS has said it may take up to 6 months or longer to process your refund.
Estimated State Tax Vouchers
If we gave you state estimated tax vouchers, pay them before December 31st. This lets you take the deduction on your 2025 returns up to $40,000 (excluding individuals subject to AMT).
Extensions
An extension gives you more time to file —. Not more time to pay. If you owe taxes, the balance is due by the original deadline (April 15th for individuals). After that, interest and penalties start running.
- If you need us to prepare and file federal and state extension forms, a fee applies (see Fee Information below)
- If we don’t receive your confirmation about filing extensions by the due date, we can’t file them for you. Your returns will be considered late and penalties on taxes paid after this date jump to 5.5% per month
Foreign Corporations & Interest in Foreign Businesses
Tell us if you own a corporation outside the U.S. Special reporting is required.
Foreign Income & Taxes Paid
You may be entitled to a credit on your U.S. return for foreign tax you paid on income-related items. Let us know if you received income from a foreign entity during 2025, or paid foreign taxes or had foreign taxes withheld.
Gifts & Inheritances
Let us know if you received a gift or inheritance from a foreign individual or trust.
Income Fluctuation
If your income went up or down by more than 25%, tell us before December 31st so we can figure out whether adjustments are needed.
Freelance / Independent Contractor Income
If you’re an independent contractor or freelancer, you must report all income received during the calendar year regardless of whether you got a Form 1099 or Form 1042-S.
Recommendation: Since taxes aren’t withheld from your pay, save at least 30% of all income for tax purposes.
Non-U.S. Citizens
If you’re not a U.S. citizen or green card holder and didn’t receive payments for services performed in the United States during 2025, a tax return may not be required. But tell us regardless —. You may still need to file if you were in the U.S. for at least 6 months during 2025.
Payments to Independent Contractors
If you paid any individual person or single-member LLC at least $600 during 2025 for their services, you must prepare and file a Form 1099-NEC by January 31st. Contact us if this applies to you.
For New York: Confirm whether your freelancer/contractor has their own workers’. Compensation insurance coverage. There can be significant penalties for contracting their services without either party having this coverage.
Refund Status
If you’re owed a federal or state refund and it hasn’t arrived within 2 months after we file your returns (6 months if paid via Form 1042-S), check the status using the IRS Refund Status Tool. You can also read our guide on How to Track Your Tax Refund.
Refund Problems
If there’s a problem with your federal refund after filing, you’ll need to call the IRS directly. If you’d like us to call on your behalf, we charge a fee based on the time required at our standard hourly rate.
Required Minimum Distributions (RMDs)
If you’re at least 73 years old by the end of the year, let us know if you’ve already taken your RMD from your retirement plan(s), or if you’d like us to calculate it. Read more in our guide on Retirement Plan Distributions: When To Take Them.
Sales of Stock
Think about selling any securities that lost value before year-end. This lets you take a net capital loss deduction (capped at $3,000 net loss per year).
Tax Strategy Resources
We’ve published in-depth tax planning strategies on our website. Visit our Tax Strategy Guides for guides covering individual, life event, and business tax strategies —. All with IRS source citations.
Virtual / Crypto Currency
Let us know if, at any time during 2025, you received, sold, exchanged, or otherwise acquired any financial interest in any digital assets or virtual currency (cryptocurrency).
Fee Information
Tax Return Preparation & Filing (Minimum)
| Service | Minimum Fee |
|---|---|
| Individuals | $750 |
| Corporations | $1,200 |
| Partnerships | $1,200 |
Extensions
| Extension Type | Fee |
|---|---|
| Individuals — One federal and one state | $75 |
| Corporations — One federal and one state | $150 |
IRS & State Calls
If you ask us to call the IRS, state, or other government body about a notice or letter —. And the reason isn’t related to a service we previously provided, or is related but not our fault (such as an IRS or employer error) —. A consulting fee applies at our standard hourly rate.
Supplementary Consulting
Written or verbal advice on items outside the scope of preparing your returns carries a consulting fee at our standard hourly rate. This includes supplementary calculations, tax strategy consulting for future years, and educational advice beyond what’s needed for return preparation.
Reminder: Payment for our services is due before we file your tax returns. Late payment may delay or cancel your filings.
Important: Always save your receipts and statements for 5 years, but we don’t need copies of them.
Related Services
Frequently Asked Questions
what do I need to give my CPA before year-end to lower my tax bill?
The short answer: get your CPA everything they need by mid-December, not December 31st. That means a current profit-and-loss statement, any large invoices you’re planning to send or hold, a list of major purchases you made or are considering, and your most recent pay stub if you’re a W-2 employee. For business owners, your estimated Q4 revenue and any planned bonuses matter a lot — both can shift your bracket or trigger the 20% Section 199A qualified business income deduction phaseout, which starts at $197,300 for single filers in 2024.
What most people miss is timing control. If you’re on a cash basis, you can legally accelerate deductions by prepaying January expenses in December — things like rent, software subscriptions, or even certain professional fees. You can also defer income by holding invoices until January. But if you’re close to the $383,900 threshold where the 37% bracket kicks in for married filers, pushing income into next year might save real money. State taxes matter here too: New York City residents face a combined state and city rate that can push effective rates well past 12% on top of federal.
At The Reed Corporation, we typically run a year-end projection for clients in November so there’s actually time to act on it. Waiting until January means most of the moves are off the table. If you haven’t had that conversation yet, it’s worth scheduling it before the calendar flips.
year-end tax checklist for small business owners in New York
A solid year-end checklist for a New York small business owner covers a few key areas. First, confirm your Q4 estimated tax payment is submitted by January 15, 2025 — missing it means a penalty calculated at the federal short-term rate plus 3%. Second, review whether you’ve maxed out your retirement contributions: a SEP-IRA lets you contribute up to 25% of net self-employment income, capped at $69,000 for 2024. Third, gather any 1099-NEC documentation for contractors you paid $600 or more — those forms are due to recipients by January 31.
Here’s something a lot of owners overlook: New York State’s Pass-Through Entity Tax, or PTET. If your S-corp or partnership hasn’t elected into PTET for 2024, the deadline to pay and get the federal deduction is December 31. The election itself had to happen earlier, but the payment timing is critical. This can produce a real dollar-for-dollar offset against your NY personal income tax, which hits 10.9% at the top bracket. Missing the December 31 payment means you lose the federal deduction for the year entirely.
The Reed Corporation walks NYC business clients through PTET elections, estimated payments, and retirement account timing every fall. If you’re not sure whether your entity type even qualifies for PTET, or whether a SEP makes more sense than a Solo 401(k) for your situation, those are exactly the conversations worth having before December runs out.
how does year-end tax planning work for self-employed people?
Self-employed year-end planning really comes down to three levers: income timing, deduction timing, and retirement contributions. If you’re a sole proprietor or single-member LLC, all your net profit flows to Schedule C and then gets hit with both income tax and self-employment tax — currently 15.3% on the first $168,600 of net earnings in 2024, then 2.9% above that. Knowing your approximate net income by early December lets you make real decisions rather than guessing in April.
One thing that surprises a lot of self-employed people: you can open and fund a SEP-IRA all the way until your tax filing deadline, including extensions — so October 15, 2025 for 2024 if you file an extension. But a Solo 401(k) has to be established by December 31, 2024, even if you have until the filing deadline to contribute. That distinction matters because Solo 401(k) plans often allow higher effective contributions for lower-income self-employed filers due to the employee elective deferral component of $23,000 (plus a $7,500 catch-up if you’re 50 or older).
The practical next step is running a quick net income estimate in early December. You don’t need perfect numbers — a reasonable range is enough to figure out whether a Solo 401(k) contribution, a home office deduction review, or a vehicle expense catch-up makes sense. The Reed Corporation does this kind of year-end projection regularly for freelancers and self-employed clients in New York City.
what year-end documents should I collect before meeting with my accountant?
Before your year-end meeting, pull together: your most recent pay stubs or a year-to-date profit summary, brokerage statements showing any sales or dividends, records of any real estate transactions, receipts for charitable contributions over $250 (you need a written acknowledgment for those under IRC Section 170(f)(8)), and documentation for any large deductible expenses like medical costs, business equipment, or home office use. If you sold a home, you’ll need the closing disclosure to calculate your gain and confirm you qualify for the $250,000 ($500,000 for married filers) exclusion under Section 121.
What most people don’t bring — but absolutely should — is anything related to life changes during the year. Got married, divorced, had a child, changed jobs, started a side business, inherited money, or moved to or from New York City? Each of those events can change your filing status, withholding obligations, or estimated tax requirements significantly. A mid-year job change is especially tricky because employers don’t coordinate withholding, and you can easily end up under-withheld by thousands of dollars without realizing it.
The Reed Corporation sends clients a customized document request list before year-end meetings rather than a generic checklist, because what a W-2 employee in Midtown needs to bring is pretty different from what a Queens landlord with two rental properties needs. If you want to know exactly what’s relevant to your situation before scheduling time, reaching out in November or early December gives the best results.
is it too late to do year-end tax planning after December 31?
Technically, no — but most of the good moves expire at midnight on December 31. After that, you can still contribute to an IRA (traditional or Roth) up to April 15, 2025, with a $7,000 limit ($8,000 if you’re 50 or older) for 2024. You can also fund a SEP-IRA until your filing deadline, including extensions. And if you have a Health Savings Account with an eligible high-deductible health plan, you have until April 15 to make 2024 contributions — $4,150 for self-only coverage, $8,300 for family.
But here’s what’s gone after December 31: any chance to accelerate business deductions, defer income, establish a new Solo 401(k), make a Qualified Opportunity Fund investment to defer capital gains, or elect into New York’s PTET for the current year. Charitable donations, including appreciated stock donations which let you avoid capital gains tax while still deducting fair market value, must also be completed by year-end. Gifting under the annual exclusion — $18,000 per recipient in 2024 — resets on January 1, so gifts made in January don’t count toward 2024.
The honest answer is that post-December planning is mostly about damage control rather than real savings. The Reed Corporation’s approach is to have year-end conversations in October and November when there’s actually room to act. If December has already come and gone, an early January meeting is still worth having — there are still a handful of moves on the table, and understanding your tax picture before filing season starts always helps.