Year-End Financial Checkup: Setting the Stage for a Successful 2024

A Heartfelt Thank You

As we approach the close of another remarkable year, the team at Brock CPA wants to extend our sincere gratitude to our clients and partners throughout Jacksonville and the Northeast Florida region. Your trust and collaboration have been the driving forces behind our success. We are honored to be a part of your financial journey and truly grateful for the opportunity to serve you. As we head towards Christmas and bid farewell to 2023, let’s take a moment to set the stage for a prosperous 2024.

Reflecting on Your Financial Health

As the year-end of the year draws near, it is the perfect time for a comprehensive financial checkup. Assessing your financial health now can lay the foundation for a successful and prosperous 2024. Here’s a checklist to help guide you through this important process:

1. Review Your Financial Statements:

Take a close look at your income statements, balance sheets and cash flow statements. Identify trends, anomalies and areas that may need attention.

2. Evaluate Expenses and Budgets:

Analyze your business expenses against your budget. Identify areas where you can optimize spending or allocate resources more effectively.

3. Assess Cash Flow:

Examine your cash flow patterns. Ensure you have a solid understanding of your cash position and can meet upcoming financial obligations.

4. Reconcile Accounts:

Reconcile your bank and credit card accounts to ensure accuracy. Identify any discrepancies and address them promptly.

5. Check Tax Compliance:

Ensure that you are compliant with all state and Federal tax regulations. Identify any outstanding liabilities and plan for year-end tax strategies.

6. Evaluate Debt Structure:

Review your outstanding debts and loans. Assess the interest rates and explore opportunities to restructure or refinance if it makes financial sense.

7. Assess Employee Benefits:

Review employee benefits packages and contributions. Ensure that you are compliant with any changes in regulations and that your employees are well taken care of.

8. Update Your Business Plan:

Revisit and update your business plan. Set clear goals and strategies for the upcoming year based on your financial health assessment.

Key Dates and Deadlines for 2024

To help you navigate the new year seamlessly, here are some key dates and deadlines for small business owners in Florida:

January 15, 2024: Deadline for the fourth quarter estimated tax payments.
March 15, 2024: S Corporation and partnership tax returns are due.
April 15, 2024: Deadline for filing individual and C Corporation tax returns.
May 15, 2024: Deadline for the first quarter estimated tax payments.
June 15, 2024: Deadline for the second quarter estimated tax payments.
September 15, 2024: Deadline for the third quarter estimated tax payments.
October 15, 2024: Extended deadline for filing individual and C Corporation tax returns.

As you plan for the new year, keep these dates in mind to ensure compliance and avoid any unnecessary penalties.

Here’s Looking Forward to a Prosperous 2024

The end of the year marks not only a time for reflection but also a moment to set intentions for the future. At Brock CPA, we are committed to continuing our journey together, supporting your financial goals, and helping your business thrive. As we bid farewell to 2023, we are excited about the possibilities that lie ahead. Thank you again for a fantastic year, and here’s to a successful 2024 for us all!