Lookout Outlook – March 2024 – Bookkeeping Newsletter

March 7, 2024

Lookout Outlook Archives

It’s Officially Time to Talk Taxes!

Did you know that not everyone is required to file their taxes? Your filing requirement is based on factors like your gross income, age, dependent status, earned and unearned income, and how much you make if you’re self-employed.

You may be wondering why I’m telling you this… don’t I want you to file a tax return?

YES! I want you to file a return because even if you aren’t technically required to file an individual tax return, there are several important reasons to consider filing anyway:

  • You may be owed a tax refund
  • You can use your tax return as proof of income for lenders
  • You may qualify to claim certain tax credits
  • Your tax return can be used to calculate your Social Security benefits

Do you need help getting your books ready for tax filings? Please respond to this email and we’ll get in touch to figure out the best course of action for tackling your finances this tax season.

Important Dates

MARCH 15, 2024

  • Partnerships file Form 1065 (and Form 8804 and 8805 if applicable) and furnish Sch. K-1 or K-3 to each partner. File extension if needed.
  • S Corporations file Form 1120S and furnish Sch. K-1 or K-3 to each shareholder. File extension and pay estimated tax if needed.
  • File Form 2553 to elect S corporation status for calendar year 2024.

APRIL 15, 2024

  • Tax day, the deadline for filing a federal income tax return.
  • Residents of Maine and Massachusetts will have until April 17, 2024, due to state holidays.
  • If you request a six-month tax extension using Form 4868 by April 15, the filing deadline is moved to Oct. 15, 2024.

Have you paid a vendor already this year?

Don’t forget to collect that fabulous W-9 form! If you have paid for a service…like a bookkeeper, perhaps?…or an electrician, pest control, or cleaning professional…you are required to issue that service provider a 1099 in January for the previous year. Let’s make this year a smashing success and collect those forms BEFORE paying the vendors. For your reference, here is a link to the W-9 form: https://bit.ly/LKTW-9

Current Client Corner:

EOY Financials

Your tax preparer will be asking for your 2023 EOY financials – for many of our clients, you have received this information already. If you have not, you may have some questions in the client portal to answer before we can wrap up your financial reports.

To be sure that we have everything we need to get your documents prepared for your tax pro, please be sure to check your client portal – https://clients.lktbook.com/client-login – we will be asking you for EOY statements for your loans and any other documentation that might be needed for your tax professional to complete your taxes.

As we wrap up EOY financials for our clients, our response times may be delayed over email. If you are a current client, please be sure to use the client portal for communications that are not urgent. If your need is urgent, feel free to call or text at 423.497.4144.

Thank you for your patience and support during our busy season.

Cheering you on!

Have questions? Let us know!

Know a friend who could use our help?

We would love to support them!

The biggest compliment is that you trust us with your bookkeeping.

The second biggest compliment is when you send your friends our way!

Refer a business owner who signs up for monthly services and receive a $100 cash referral gift. You can send this intake link to your friends: bit.ly/LKTLead

Your support of our small business makes all of this possible, thank you!

Looking for a DIY solution?

Look no further than our Small Business Bookkeeping Tracker! For the start-up side gig who just has a few transactions a month, this tracker will be your BFF for tax filing. You can enter your transactions each month and this tracker will produce monthly and annual reports. The best solution for any business until you need to partner with a bookkeeper to provide done for you services.


Small Business Bookkeeping Tracker | Lookout Bookkeeping

This Small Business Bookkeeping Tracker in Google Sheets helps you keep track of your business income, expenses and… Read more

This month’s free resource:

Reconciliating Your Books

I considered naming this month’s guide “How To Become Your Tax Accountant’s Favorite Client” because that’s what you’ll be when you have a set of clean, reconciled books to give to them each tax season!

But seriously, if you’re a business owner who isn’t reconciling your books (and you don’t want to hire a bookkeeper), be sure to get this handy guide!

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