February 2025 Reminders

Virtucount informing all small business owners

Accounting and Tax Deadlines

February 15, 2025:

  • File W-2 and 1099 forms with the Social Security Administration.
  • Provide Affordable Care Act (ACA) forms to employees, if applicable

February 18, 2025:

  • Employees who claimed a tax withholding exemption in 2024 must submit an updated Form W-4 to their employers

February 28, 2025:

  • Deadline for paper filing of W-2s, W-3s, and Forms 1099-MISC/1099-NEC with the IRS

Bookkeeping Recommendations

  • Reconcile Bank Accounts: Ensure all bank statements from January 2025 are reconciled with your accounting records. This helps identify discrepancies and ensures accurate financial data.
  • Review Accounts Payable and Receivable: Check for overdue invoices (accounts receivable) and upcoming payment deadlines (accounts payable) to maintain healthy cash flow.
  • Record All Transactions: Accurately document all sales, expenses, and payments in your bookkeeping system. Proper categorization is crucial for tax reporting and financial analysis.
  • Update Financial Statements: Prepare updated income statements, balance sheets, and cash flow statements to assess your business’s financial health and performance.

Financial Planning

  • Review Budget vs. Actuals: Compare actual expenses and revenues against your budget to identify variances and adjust plans accordingly.
  • Set Aside Funds for Taxes: Ensure you have allocated sufficient funds for estimated tax payments or upcoming liabilities.
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