CLIENT KNOWLEDGE BASE

    Your Year End Checklist

    As another year comes to a close, we want to remind you of several key items! 


    1. 1

      S Corporations

      1. Officer/Owner Payroll MUST be run by 12/31!
        1. Work with Team Anomaly to optimize your wage to increase your QBI deduction!
        2. Health Insurance MUST be added to your W2!  If you do not use Gusto, contact your Payroll company by 12/20.
        3. Officer Company Paid Life Insurance - must be added to your W2
        4. 401k for Owner - must be added to your W2 for your Employee deferral
          1. Remember to make up to the $22.5K max contribution as an "employee" by 12/31 and your "match" can be made after year-end.

      2. PTE - Pass-Through Entity Tax
        1. Register and pay by 12/31
    2. 2

      Partnerships

      1. PTE - Pass Through Entity Tax
        1. Register and pay by 12/31!
    3. 3

      Individuals

      • HSA - Open your HSA by 12/31 IF you have a high deductible plan!
        • Fund by tax deadline
      • Backdoor Roth
    4. 4

      General Reminders:

      • Prepay Expenses for January or February for your business
      • Defer income, if possible
      • Bulk Your Charitable Contributions by YE
        • Physical goods
        • Cash

      As always, please reach out to your PM on Soraban with any year-end questions!
    If you still have a question, we’re here to help. Contact us