Ready to tackle your extended tax returns?
September means the kids are settling back into school, football season is kicking off, and you’ve got some pretty important tax deadlines coming up! Let’s go over what’s due on September 16th:
Partnership and S Corporation tax returns: If you extended your Form 1065 or Form 1120-2, your tax return is due.
Third quarter estimated tax payments: Individuals and corporations need to make their third quarter estimated tax payment (if applicable).
Who needs to make an estimated payment?
Per the IRS, individual taxpayers who expect to owe $1,000 or more in taxes when they file their tax return generally need to make estimated tax payments. For September’s deadline, you should make a payment covering the taxes due on your income from June 1st to August 31st. Check with your accountant for payment vouchers if you aren’t sure how much you owe!
PRO TIP: While everyone is worried about your federal estimated taxes, you don’t want to forget about any required state estimated taxes, too!
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Hiring A New Contractor?
Contractors can be an incredibly helpful solution for business owners who are looking for help with a specialized job or don’t have the resources to commit to a new employee.
However, you can get into A LOT of trouble if you don’t classify your new team member correctly. For example, Lyft settled for $27 million after a class action lawsuit for misclassifying their workers as contractors instead of employees.
Whether you’re hiring a contractor (or working as an independent contractor yourself), you need this month’s freebie covering the ins & outs of hiring a new contractor!
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I mentioned a few deadlines for this month at the beginning of this newsletter, but there’s another huge deadline coming up in October. If you haven’t filed your individual tax return yet, you’ll have to do that next month! Now is the time to address what’s been holding you back from filing earlier. Are you missing a crucial tax document? Have you fallen behind on your bookkeeping? Please respond to this email and I’ll let you know how I can help (or connect you with someone who can) to get you squared away for October!
Client Corner:
Remember: Use the Client Portal for all your communications!
Do you have a question about your bookkeeping?
Did you make an asset purchase & need to send that to us, so we can book it correctly?
If you’ve answered yes, please send us a message in the client portal.
This greatly helps us with keeping your financials up to date and accurate. If you have any questions, be sure to send them through the client portal, and we will be in touch!
Are you hiring?
Is your business growing & you’re ready to hire? Lookout Bookkeeping can assist with your payroll set up and processing! Be sure to let us know if this service is something you are needing to add. Payroll is an area that you WANT to be sure is done correctly the first time. We have a trusted partner that will make this easy for you!
Recommended Listening
Mastering Abundance Mindset
I recently listened to this podcast episode from Shannon Weinstein, CPA – as business owners, we are not always in a position of great cashflow. How you react in those situations matters, especially in order to attract your ideal clients. You don’t want to sound desperate; you want to sound like an authority in your profession. Be resourceful, diagnose your real problem, and find a solution that works well for your business. How you show up matters! Cultivate an abundance mindset in all seasons of business. Take a listen here: https://bit.ly/KWYEAbundance
Cheering You On!
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.
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$97.00
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
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PO Box 2475, Chattanooga, TN 37409
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