This photo is circa 2007, the year after I left business school and deferred a year of employment at Citigroup to dance professionally. I decided to dance professionally for about 7 years while building this boutique fractional CFO services business.

It was one of the scariest moments of my life! But I knew I needed to take the leap.

I know tax time is a scary time too – But this is a reminder to get on it.

Here are 9 steps to follow to get in gear and be successful.

1. If you have not already done so, send out 1099s to independent contractors ASAP! Get completed and signed Form W9s from all vendors so you have their correct information. Also check in with your payroll company to ensure that employee W2s were sent out by Jan 31st.

2. Download all of your business bank and credit card statements and save them in a folder on your computer or manually so you can easily provide it if your CPA requests it.

3. Download and save any 2023 year end tax forms from your banking institutions and financial advisors.

4. For personal reasons, collect and save tax forms received from student loan companies, businesses that you contracted with, retirement accounts, etc.

5. If applicable, do a physical inventory count to estimate the value of your inventory as of the end of 2023.

6. Have your bookkeeper reconcile your 2023 books through Dec 31st 2023, making sure every transaction is categorized correctly.

7. Make sure all other important transactions are also included in your bookkeeping system like invoices, bills owed, sales tax, etc.

8. Have an initial call with your CPA to find out if there is any other information they need you to collect or complete and submit in order for them to file your taxes. Seek advice on whether or not to minimize your tax liability.

9. Pull together copies of receipts for asset purchases. Asset purchases can include equipment, furniture, tech hardware, software and certain other expenses greater than $5,000. Provide this information to your CPA so they can deduct any potential depreciation expense.

Also, remember to ask for advice on how any recent tax law changes may impact your tax liability.

In support of my friends in the CPA industry, if you’re thinking of getting a new CPA, now is not the time. They are slammed this time of year. Contact them in May.

While it’s important to be finalizing goals and focusing on sales right now, we still need to take care of those admin tasks related to taxes.

Don’t procrastinate. Jump into it even if this feels like a drag!

As CFOs, we interact with your CPA on your behalf and fill in the blanks when they have questions.

Everybody is happier and less stressed out! Most of what we do at FinCore is focused on improving the financial health of your business, but if we have to get in the weeds once in a while, we do!

If that’s the kind of CFO you want on your money team, schedule a 45 minute initial financial strategy call.


Here’s to a smooth tax season,

Tricia Taitt is the CEO and Chief Financial Choreographer of FinCore. She holds an M.B.A from The Fuqua School of Business of Duke University, and a BS in Economics with a Finance concentration from The Wharton School at the University of Pennsylvania. For over 20 years, she’s been a finance professional. Half of the time was spent working on Wall Street while the other half was spent in the trenches side by side with small business owners. As a result of working with FinCore, clients have been able to take control of their numbers and feel more confident in their ability to make decisions, while increasing profits by 10% and building a cash stash to invest in growth. Follow Tricia on LinkedIn and Instagram.