Nine things you need to do for your small business or side gig in January 2026

Nine things you need to do now (Before you file your taxes)

1. Income Checkup – If you are going to we over $1000 at the end of the year (federal or state), make an estimated payment by January 15^th. IRS paycheck checkup tool can help: https://www.irs.gov/paycheck-checkup 
2. 1099s – Get contract workers’ information and total what you paid them. 1099s are due to the government and your workers by January 31.  IRS form to request your workers info: https://www.irs.gov/forms-pubs/about-form-w-9
   Super easy place to file online for cheap (based in Fayetteville, AR): https://www.tax1099.com/1099-forms/efile-form-1099-NEC 
3. TIPS – Total up the amount of tips paid to all of your workers. It should be on employee’s W2s. If you have 1099 workers that receive tips, provide them a report of that amount with their 1099.
4. OVERTIME – Be sure to provide your employees with a final paystub that list their YTD overtime pay. If you paid overtime to a 1099 contractor, provide a report with their 1099.
5. Inventory – If you sell products (including food and beverage) Take a physical inventory of the items you sell AND the materials you use to make the products you sell. How to take inventory and Free Worksheet Download!
6. Mileage – Figure out your business mileage for the year if you use a regular car or truck for business. Every mile is worth 70 cents. You must document your business purpose and your mileage. Here is a blog I wrote on mileage and vehicles. https://grassrootstaxes.com/deduct-my-car/
7. Bookkeeping – Take an honest look at your recordkeeping. If you have nothing added up and hate doing paperwork, get help. Be sure to check out my Business Deductions checklist to get all possible deductions.
8. Labor posters – if you have employees. update your labor posters. You do not have to buy them. Lots of people try to sell them to you in the mail. You can download and print from your states Department of Labor website.
9. Annual Meeting – If you are an LLC, corporation, or nonprofit, be sure to have an annual meeting, even if you are a single-member LLC and have only yourself to meet with. Re-elect all your officers according to your operating agreement, approve the notes from the last meeting and any changes like changing banks or taking out a loan. Keep all your notes (meeting minutes) in your corporate book. How to Have an Annual Meeting and Why – Blog Post and Free download!