2023 New Year Bookkeeping Checklist and Deadlines
I hope 2023 is off to a fabulous start for you. January is a very busy month with lots of payroll and tax deadlines. Here are your new year bookkeeping checklist and deadlines to keep you on top of your accounting compliance.
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January 2023 Deadlines
Mark your calendar and prepare early to meet these important due dates. LNJ Solutions is ready to help you meet these target dates with minimum stress and full compliance.
January 13, 2023
Make Federal payroll tax deposit via EFTPS.gov if you are a monthly filer. If you are a semi-weekly filer, contact us for specific deadlines based on your payroll dates.
January 17, 2023
Quarterly estimated tax payment
January 31st
Form 940 Federal Unemployment Return
Form 941 Payroll Tax Return for semiweekly, monthly, and quarterly filers
Form 945 Payroll Tax Return for annual filers
Send Form W2 to Employees
File Form W3 with the Social Security Administration
Send Form 1099-NEC to Independent Contractors
During the month of January - specific due date determined by your State
Sales Tax Return
State Payroll Withholding Return
State Unemployment Wage Report
State Annual Income Statement and/or Reconciliation
Annual Report to your Secretary of State may be due
Year-End Bookkeeping Checklist
Before you get your new year bookkeeping underway, here is a Year-End Bookkeeping Checklist to close out 2022 the right way. Having a qualified bookkeeper to handle these tasks will save you time and possibly money on taxes. However, you can also complete this year-end bookkeeping checklist on your own.
Review 2022 Transactions
Resolve any uncategorized income and expenses. Look for items that need to be recategorized or cleaned up. Compare expenses and cost-of-goods sold to ensure transactions are booked correctly.
Reconcile all Accounts
Compare bank and credit card statements to beginning and ending balances in your accounting software, indicating which transactions have cleared. Ensure your petty cash bank and receipts are aligned. All cash, bank and credit card accounts should be reconciled monthly or annually.
Adjust Accounts Receivable
Monitor your accounts receivable for overdue invoices. Decide how you will proceed with collections. Write-off bad debt as necessary.
Run Financial Reports
Review your 2022 Profit-and-Loss and Balance Sheet. Research any negative numbers that don’t belong on these reports. Spot redundant categories that can be combined for streamlined accounting and reporting.
List Fixed Assets
Complete your fixed asset listing. You should note any new purchases that happened in 2022. Sales, donations, and trashed assets should also be detailed. If you need help determining if your purchases should be categorized as a fixed asset or expense, consult with your bookkeeper or tax preparer. Create a journal entry to book depreciation.
Record Odometer and Log Mileage
Record your year-end odometer reading on any vehicles that are partially or wholly used for business. Store your written mileage log (either hand-written or digital) with your tax records for 2022. Need help logging business mileage? QuickBooks Online’s Mileage Tracker makes this necessary activity easier than ever.
Prepare for W2’s and 1099’s
Review your employee and contractor lists to see if you need to make any updates to names, addresses, or emails. Be sure you have stored forms W4 and I-9 for any employees. For contractors, have a completed Form W9 in your records.
Close your Books
Close your 2022 books in your accounting software to prevent errant entries in the prior year books.
How Can we Assist You?
You have a lot of ground to cover in January. We hope these new year bookkeeping checklist and deadlines will help you stay organized and meet those due dates with ease. Contact us for a free consultation if you are considering hiring a qualified bookkeeper to complete these tasks for you.