Mid-Year Review Checklist


Mid-Year Review Checklist image


Summer, a wonderful time of year to enjoy the weather, nature and revisit financial targets! To assist you, we have put together a brief 2021 mid-year checklist to assess areas for tax and planning opportunities. A little planning now can help position your tax situation for the final half of the year.

Here are some topics to consider:

  • Depreciation
    • Purchasing equipment or vehicles
    • Buying real estate or making building improvements
  • Method of Accounting
    • Cash vs. accrual basis of accounting
    • Capitalizing vs. deducting inventory
    • Deducting prepaids
  • Budgeting
    • YTD actual vs. budget analysis
    • 2022 budget preparation
  • Choice of Entity (Pros and Cons)
    • LLC/Partnership
    • Single Member LLC
    • C Corporation
    • S Corporation
  • Retirement
    • Elections
    • Contributions
    • New plans
  • COVID-19 and New Tax Law Considerations
    • PPP loan forgiveness applications
    • Employee retention credit
    • Child tax credit advances
  • Other
    • Preparing for 1099 filings - collecting your W-9s
    • Business ownership succession planning
    • Trust and estate planning
    • Assessing your tax liability in other states
    • Taxability of unemployment
    • HSA/FSA contributions
    • Energy tax credits

Need Help?

California Accounting’s team of CPAs, accounting and tax professionals are experts in the above topics and can help answer your questions. Give us a call today at 916.721.4357 so we can help address the needs of your business. We look forward to meeting you!

View our Tax & Accounting Resource Center for Updates: Learn More Here.

Get In Touch

California Accounting would be pleased to get in touch to discuss your accounting and tax needs.


Citrus Heights

P.O. Box 986
Citrus Heights, CA 95611
P 916-721-4357
F 916-721-8326


120 S. Main Street
Lakeport, CA 95453
P 707-263-5696
F 707-263-3206

Office Hours

Monday - Friday

9:00am - 5:00pm

Closed on Holidays