Year-End and New Business Tax Checklist for Georgetown, TX
Whether you just opened your doors or have been in business for years, this new business tax checklist covers what to finish before December 31, the deadlines coming in early 2027, and the Texas filings owners often miss.
- By Pei Pierce, EA
- Georgetown, TX
- Updated November 2026
What should every business owner do before year-end?
- Reconcile your books through November, then project your full-year profit.
- Time equipment purchases. Up to $2,560,000 can be expensed under Section 179, but the equipment must be in service by December 31.
- Fund a Solo 401(k). Up to $24,500 in employee deferrals and $72,000 in total for 2026.
- S corp owners: pay yourself a reasonable salary, and run owner health insurance through payroll so it shows on your W-2.
- Total your business miles (see the mileage rates below).
- Collect W-9s from every contractor before you need to file 1099s.
What tax deadlines are coming in early 2027?
| Q4 2026 estimated tax payment | Jan 15 |
| W-2s, 1099-NECs and Q4 payroll returns | Feb 1* |
| S corporation and partnership returns | Mar 15 |
| Individual and C corporation returns | Apr 15 |
| Texas franchise tax report / PIR | May 17* |
*January 31, 2027 falls on a Sunday and May 15, 2027 on a Saturday, so those deadlines move to the next business day. For 2026 payments, a 1099-NEC is required only at $2,000 or more (up from $600).
What is the 2026 business mileage rate?
The IRS raised the standard mileage rate mid-year because of fuel costs:
| January 1 – June 30, 2026 | 72.5¢/mile |
| July 1 – December 31, 2026 | 76¢/mile |
Keep a mileage log with the date, purpose and miles for each trip. Without one, the deduction is hard to defend.
Which business structure should I choose?
LLC, S corporation or sole proprietorship affects how much self-employment tax you pay and what you file each year. Choose with next year's profit in mind, not just this year's.
Can I deduct my startup costs?
Yes. You can deduct up to $5,000 of startup costs and $5,000 of organizational costs in your first year, and spread the rest over 15 years. The $5,000 shrinks once total costs go above $50,000.
What other deductions should new owners know?
- Equipment can often be written off in the first year (Section 179 and 100% bonus depreciation).
- The 20% QBI deduction for pass-through income is now permanent.
- A Solo 401(k) or SEP can shelter up to $72,000 for 2026.
Employee or contractor?
Classify workers correctly from day one. Misclassifying an employee as a contractor can bring back payroll taxes and penalties. Then plan taxes quarterly so estimated payments match what you actually earn.
What Texas filings does a new business need?
- Sales tax permit from the Texas Comptroller if you sell taxable goods or services.
- Franchise tax report and Public Information Report every year, due May 15. Businesses with annualized revenue at or below $2.65 million owe no franchise tax but still must file the information report.
- Texas Workforce Commission registration for state unemployment tax once you hire employees.
Can you help me catch up before year-end?
Yes. Our year-end bookkeeping cleanup gets your books reconciled and ready, so you can make real decisions before December 31 and hand your tax preparer clean numbers.
Free, no pressure
Book a free 15-minute year-end check-in
Not sure which of these apply to you? We'll catch up on your year, talk through next year's goals and answer quick questions. If something needs a deeper look, you'll get a short proposal with scope and fee first.
Book your year-end check-inPrefer a printable version? Download the Year-End & New Business Checklist PDF · More guides on Tax Tips & Updates
Sources: IRS 2026 standard mileage rates and IRS Announcement 2026-11 (July 1 increase), Texas Comptroller franchise tax, IRS Rev. Proc. 2025-32, and IRS Notice 2025-67. This article is general information, not tax advice for your specific situation.