Mid-Year Review Checklist

07/15/2021

Mid-Year Review Checklist image

Overview

Summer, a wonderful time of year to enjoy the weather, family beach trips and revisit financial targets! To assist you, we have put together a brief 2021 mid-year checklist to assess areas for tax and planning opportunities. A little planning now can help position your tax situation for the final half of the year.

Here are some topics to consider:

  • Depreciation
    • Purchasing equipment or vehicles
    • Buying real estate or making building improvements
  • Method of Accounting
    • Cash vs. accrual basis of accounting
    • Capitalizing vs. deducting inventory
    • Deducting prepaids
  • Budgeting
    • YTD actual vs. budget analysis
    • 2022 budget preparation
  • Choice of Entity (Pros and Cons)
    • LLC/Partnership
    • Single Member LLC
    • C Corporation
    • S Corporation
  • Retirement
    • Elections
    • Contributions
    • New plans
  • COVID-19 and New Tax Law Considerations
    • PPP loan forgiveness applications
    • Employee retention credit
    • Child tax credit advances
  • Other
    • Preparing for 1099 filings - collecting your W-9s
    • Business ownership succession planning
    • Trust and estate planning
    • Assessing your tax liability in other states
    • Taxability of unemployment
    • HSA/FSA contributions
    • Energy tax credits

Need Help?

HiAccounting’s team of CPAs, accounting and tax professionals are experts in the above topics and can help answer your questions. Give us a call today at 808.529.9990 so we can help address the needs of your business. We look forward to meeting you!

View our Tax & Accounting Resource Center for Updates: Learn More Here.

Get In Touch

HiAccounting would be pleased to get in touch to discuss your accounting needs.

Services
Services

Maui Office

24 N Church Street
Wailuku, HI 96793
Phone 808.356.4357

Oahu Office

700 Bishop St. Suite 600
Honolulu, Hi 96813
Phone 808.529.9990

Office Hours

Monday - Friday
8:00am - 5:00pm
Closed on Holidays
AccountingToday Best Accounting Firms to Work For 2020
Hawaii Business Top 250 2011-2020
Hawaii Business Best Places to work 2011-2020
BBB Torch Awards for Ethics