Description

In this episode of the Blue Collar Wealth Club podcast, hosts Shena White and Jerry Garcia discuss essential tasks to complete before the end of the year, focusing on financial compliance, tax strategies, and proactive planning for 2025. They emphasize the importance of filing beneficial ownership information, preparing for tax obligations, and implementing best practices for subcontractor management. The conversation encourages listeners to take action now to ensure a smooth transition into the new year and to set clear goals for business growth.

Takeaways

• Complete your beneficial ownership information filing before January 1.
• Fines for non-compliance with BOI can reach $595 per day.
• Tax strategy discussions should happen before December 31.
• Investments made before year-end can reduce tax liability.
• Get W9 forms from subcontractors before issuing payments.
• 1099 forms must be sent to subcontractors by January 31.
• Use QuickBooks for easy management of vendor payments and 1099s.
• Proactive planning for 2025 should start in Q4 of 2024.
• Draft projections for 2025 should be completed by year-end.
• Having a clear plan for the new year reduces stress post-holidays.

Chapters

00:00 Preparing for Year-End Financial Obligations

07:30 Tax Strategies and Planning Ahead

14:30 Proactive Planning for 2025