When are my books tax ready?

At tax time, clients and CPAs are eager to obtain the final books for the year. But please be patient because in order to be completely thorough we need to reconcile January’s books (which we do in February) first before your books are tax ready. This is for 2 reasons:

  1. Sometimes bank statements that close in January contain December transactions.
  2. Sometimes checks written in December won’t clear until January.

In January, you will still be receiving updated reports through December, and if you prefer you can use these right away to file your taxes, but we wouldn’t recommend it. We suggest waiting until around mid-February, when your books will be updated through January, so please plan with your CPA accordingly. 

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