If You Extended:
- File extended individual tax returns (Form 1040)
- File extended corporate tax returns (Form 1120)
- Prepare for next year so you don’t have to file an extension
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To Prepare for 2024 Filing:
- EOY tax planning with your professional
- Start planning any EOY charitable donations
- Collect W-9s from all contractors
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What happens if I just don’t file?
Failure To File Penalty: If you haven’t filed your tax return by the due date, you may be subject to this penalty. Per the IRS, this penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late for up to a maximum of 25% of your unpaid taxes.
Keep in mind, the IRS also charges interest on penalties. Please reach out if you think you’ll be unable to file by the deadline to discuss what steps you should be taking next!
Hurricane Helene Relief
We put together a few links, if you’re looking for a way to donate or volunteer to help those in need after Hurricane Helene.
Recommended Reading
The Lookout Bookkeeping Blog
Why Business Owners need a Bookkeeper & a Tax Expert
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As a business owner, you’re the expert in your field, but what about finances? I often get asked, “Why hire a bookkeeper when I already have a CPA?” The truth is, their roles are vastly different—yet both are essential to your financial success.
A CPA focuses on tax law and compliance, ensuring your business follows regulations and minimizes tax liabilities. Meanwhile, a bookkeeper manages the day-to-day financials, keeping your records accurate and organized, which is crucial for decision-making and tax prep. Together, they create a powerful team that supports your growth and protects your business.
Check out my latest blog post where I dive deeper into the distinct roles of tax experts and bookkeepers—and why you need both!
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Are you registered to vote?
While this is NOT a political post, I thoroughly believe the right to vote is something that should be exercised with each election. For women, this is only the 27th time we have had the right to vote in a Presidential election. This year’s election is the 60th time American has voted for a President. If you’d like to learn more, please take a look at the history of elections here.
Women are more likely to vote than men, according to data from the Center for American Women and Politics at Rutgers University (
source article).
You can get more information on voter registration here.
If you are local to Chattanooga (Hamilton County, TN), you can get more information on voter registration here. HURRY – our last day to register in TN is TODAY!
Turning Meals Into Deals
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Let’s move on to the more fun tax talk now: writing off business meals!
I think I might get a question about meal deductions every single day. This guide covers a few of the most common, like:
- Can I write off my morning coffee?
- Do I need to keep receipts for my business meals?
- Are meals 50% deductible, or 100%?
Forward this to a friend who you KNOW has these questions to let them in on this month’s freebie, too!
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Ready to finish off Q4 of 2024 strong? I’m here to help! If you are a current client & want to meet with your tax professional and me for end of year planning, let’s get a date on the calendar now!
Have you continued to delay your bookkeeping task every month in 2024 & want to finish strong now? Get on our books now so we can get you caught up and ready for filing before January! We have the capacity to take on 3 new clients for this work in 2024. By doing this now, we can be sure to get your 1099s prepped and sent on time as well.
Cheering You On!
Vendor Spotlight – American Express
If you are looking to add a credit card to your business, I highly recommend American Express. They have a couple of options for business owners, and I have utilized both in my business.
The first option highlighted is the Business Blue Cash Card. The Business Blue Cash Card from American Express was my first credit card in business. There is no fee, and an introductory 0.0% APR for purchases in the first 12 months. You will earn 1.5% Cash Back on purchases in the form of a statement credit each month, too.
Full disclosure: By using this referral link, you will receive $250 statement credit when you spend $5,000 in the first six months of having the card. When you signed up, I will receive a $50 statement credit as well.
Please be wise when choosing to utilize credit for your business.
The second option highlighted is the Delta SkyMiles® Reserve American Express Card. If you travel and use Delta Airlines for your flights, the perks are worth the annual fee (currently $650). You will earn SkyMiles® with all purchases as well. This is the card I primarily use in my business now.
Full disclosure: By using this referral link, you will receive 110,000 Delta Miles when you spend $12,000 in your first six months of membership. Highest bonus AmEx has offered with this card ever! Current promotion ends 10/23/2024. When you sign up, I will receive 25,000 miles as well.
The above information is subject to change at anytime with American Express & does not constitute financial advise. Please be wise when choosing to utilize credit for your business.
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.
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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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