The year is winding down, which means you have a lot on your plate as a small business owner. From wrapping up projects to preparing for the holiday rush, there's no shortage of items on your to-do list. Even though this is the season of hustle and bustle, it's also an excellent time to take a careful look at your small business finances to make sure you're ready for tax season. With just a few proactive steps before December 31, you can strengthen your financial position and start out next year ahead of the curve.

You sold an old couch on Facebook Marketplace and got paid through Venmo, or you sold last season's clothes on Poshmark. You thought that was the end of it, until an unexpected tax form arrived in your mailbox: a 1099-K. What is it, and do you actually owe taxes? Even if you're not running a business, these forms can land in your mailbox, and with them comes a new set of reporting responsibilities. Understanding how Form 1099-K works, what the IRS expects, and what's actually taxable can help you stay ahead of any surprises during tax season.

As a small business owner, you regularly invest in property and equipment to keep your operations running smoothly. From a new computer to a company vehicle, these assets are essential. Depreciation is a fundamental tax deduction that allows your business to recover the cost of these assets as they age. Understanding how to apply this deduction correctly is key to managing your business's finances.