2024 Bookkeeping Checklist: What to Do After Tax Season

Still haven’t touched your 2024 books because tax season left you emotionally (and spreadsheet-ly) drained? You’re not alone—but our resident Bookkeeping Mensch, Paul Rosenblum, is  here to help you shake off the post-April 15th fog and actually get your bookkeeping act together, starting with a simple checklist and some friendly guidance. Whether you're sorting receipts or sorting your life, he's got you covered—with just enough dry humor to keep it fun. After all, when it comes to getting your books in order, sometimes you need a laugh as much as a ledger.

• Accounting software: eps 3, 30, 31
• Accrual or cash accounting: ep 4 
• Start up expenses:  ep 1
• Chart of accounts: eps 7, 35, 36
• Relationships in Bookkeeping: eps 14, 38
• Partnership, LLC or S-Corp: eps 28, 44
• Accounts receivable & accounts payable: eps 18, 19
• McDonald’s hot coffee case: ep 40
• Common bookkeeping mistakes: ep 39
• Paul’s bookkeeping origin story: ep 20

Transcript

Episode #56

It’s after April 15th.  (Yay!)   And you thought that it’s the end of tax season?  I’d estimate for half of all of you listening to me right now, that you are on extension, either at your request or your tax preparer’s needs because of his or her number of tax filings that they have to do between Jan and April.  So, I hope you took a day or two to relax like I did. Now, the second half of tax season starts for many of you.  

If your filing day was March 15th and an extension was filed, you now have until September 15th at the latest to file a completed tax return.  If April 15th was your filing date and you were put on extension, then October 15th is the final filing date for you.  

However, there are notable exceptions.  Because of the terrible wildfires in California, there is an automatic extension until October 15th for all taxes owed during this tax season.  Many people had filed and settled up with the IRS before April 15th, but many people did not. So, it will be a busy Summer and Fall for accounting people in California.  In Arkansas, Kentucky and Tennessee, there’s an automatic extension because of the flooding and tornadoes until November 3, 2025.   Alabama, Florida, Georgia, North and South Carolina have until May 1st to file. Alaska also has until May 1st.  Parts of Virginia (you can look up your county) have until May 1st as well.  

This episode is a review of what you need to get started with your 2024 books if you haven’t already started or finished them.  I’m Paul Rosenblum. 

By the way, there are now video shorts on the YouTube channel --  so follow the link below and check them out. Subscribe and LIKE – that really does help the channel out.  

If you are just starting to put together your books for last year, gather your receipts and get to it! Here is a checklist of what you need to get things done correctly. 

1. Accounting software: Check out Episodes 3, 30 and 31 
2. Knowing if your company files taxes in Accrual or Cash.  This makes a difference with how you do your bookkeeping.  Check out Episode 4
3. Did you have any startup expenses last year and have revenue last year?  Check out Episode 1 
4. Create a Chart of Accounts: Check out Episodes 7, 35 and 36. 
5.  Before you start, form a relationship with your accountant, CPA or tax preparer and your bookkeeper if you have one and are not doing this yourself.    Check out Episodes 14 and 38. 
6. If you have a partnership LLC or S Corp., then Check out Episodes 28 and 44. 
7. To learn more about Accounts Receivable and Accounts Payable, Check out Episodes 18 and 19. 
8. And if you want to take a break and want to hear about the McDonald’s Hot Coffee case, check out Episode 40 and have some coffee, but not too hot please! 
9. To hear about some common bookkeeping mistakes, Check out Episode 39.  
10. And most important, if you want to hear this old man’s backstory, and how I got into bookkeeping, it sure is an ‘It can Happen to you too’ story.  That’s Episode 20.  

Did you notice that my brain is partially fried after tax season, and I have really nothing to say until I get some rest and recover?  

But seriously, this episode is really about preparing a set of books for businesses that should be done 12 months a year. Every year. There is nothing wrong with being on extension, but the books help business owners really see how their business is doing.  The full picture—which includes The Balance Sheet and the Profit and Loss. 

I am 99% finished with a set of books that there were several bank accounts and two credit cards, all were mixed between personal expenses, expenses for two properties that the client owns, and two businesses that the client owns.  Every entry had to be entered into QuickBooks Desktop by me and then sent in an Excel report to the client for them to classify transactions into the right category.  This was a painful back and forth process and took over a year to put together and this tax return was very late. I sent everything to the accountant, and he had some questions, but liked the way I put it all together, and finally the stage that gives me the most satisfaction – when I sit on zoom with the client and we go over every category on the Balance Sheet and the Profit and Loss.  In this case, it was a married couple, equally as involved, and we found a handful of things that slipped through the cracks such as loans from one company to another and bank accounts that I did not have access to that I am awaiting the bank statements for, and this process cleared up several other details. I had only entered transfers from these accounts into the accounts that I had the bank statements for.  And I can now see where the puzzle pieces are starting to fit together.  It’s the most satisfaction that I get as a bookkeeper, knowing that the books are as accurate as can be based on the clients’ input.  I only have 2 more years to go until we get caught up.  This one project will keep me off the streets for the foreseeable future.  

I’m writing this a few days before April 15th, but all of my tax work is done for the season (at least that I know about), and am starting to catch up on sleep, eating, drinking (nonalcoholic beverages, (I know, I may have to re-think that one) relaxing, and watching TV series that I have missed. I hope all bookkeepers and soon, tax preparers will do the same thing.  We do need to re-charge. But just for a short time. I have regular bookkeeping to catch up on, large Spring/Summer projects to start, and before I know it, it will be the end of August and I’ll be stressed with the September and October deadlines right around the corner.  

If you haven’t started last year’s (or this year’s) books yet, what are you waiting for?   

And please, email me or go to the website to voicemail me any topics that you would like me to speak about here on this podcast.  

I’m--- taking the rest of the day off---   Paul Rosenblum