October 2025 Reminders
October marks the beginning of the fourth quarter and the final stretch of the business year. It’s time to double down on financial prep, finalize Q3 reporting, and plan for the holidays and year-end obligations. Staying on top of your accounting and bookkeeping tasks this month can set you up for a stress-free close to 2025. Here are your key reminders for October:
Accounting and Tax Deadlines
October 15: Final Tax Deadline for Extended Returns
- If you filed an extension for your personal tax return (Form 1040) or C-Corporation (Form 1120) earlier this year, October 15 is the final filing deadline.
October 31: Payroll Filing Deadline
- File Form 941 for Q3 (Employer’s Quarterly Federal Tax Return).
- Submit federal unemployment tax (FUTA) deposits if your liability for Q3 is over $500.
- Ensure all state payroll tax forms and payments are submitted as required.
Sales Tax Deadlines
Monthly and quarterly sales tax filings may be due depending on your state and filing frequency. Check your state’s deadlines.
Bookkeeping Recommendations
Close September’s Books & Reconcile Accounts
- Reconcile all bank, credit card, and loan accounts.
- Ensure income and expenses are accurately categorized.
- Investigate and resolve any uncategorized or duplicate transactions.
Finalize Q3 Financial Reports
- Generate and review:
- Profit & Loss Statement
- Balance Sheet
- Cash Flow Statement
- Use these to assess performance and make Q4 financial decisions.
Follow Up on Outstanding Invoices
- Run an A/R aging report and follow up on any invoices 30+ days overdue.
- Offer early payment discounts or set up payment plans if needed.
Organize Financial Documentation
- Gather documents and receipts needed for year-end tax prep.
- Scan and securely store any physical documents.
- Ensure all vendor W-9s and employee information are up to date.
- Gather documents and receipts needed for year-end tax prep.
Financial Planning & Strategy
Year-End Tax Prep Begins
- Begin discussions with your tax preparer about:
- Potential deductions or purchases to make before year-end.
- Retirement plan contributions or employee bonuses.
- Projected tax liability and cash flow planning.
Evaluate Budget vs. Actuals
- Compare your YTD actuals to your 2025 budget.
- Make adjustments to spending, pricing, or revenue goals for Q4.
Plan for Holiday Expenses
- Forecast and budget for:
- Seasonal staffing
- Holiday promotions or events
- Client gifts or team bonuses
Review Insurance & Subscriptions
- Check upcoming renewals for business insurance policies.
- Audit your software subscriptions and operational tools—cancel or renegotiate as needed.
Backup and Cybersecurity Check
- Ensure your financial systems are backed up regularly.
- Update passwords and user permissions.
- Consider cyber insurance or enhanced data protection tools if you haven’t already.
Final Thoughts
October is your opportunity to get ahead of the holiday season and year-end rush. Tackle tax deadlines, fine-tune your financials, and start preparing for what’s ahead. The earlier you plan, the smoother your Q4 will be.
Need help with quarterly filings or year-end planning? VirtuCount Bookkeeping, Accounting, & Tax is ready to support your success—reach out today!
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