The upcoming March and April tax deadlines have everyone feeling a little nervous… What happens if you can’t get all your documents together and get everything filed on time?
Easy answer—you just extend your tax return!
While the form you’ll file for an automatic extension changes depending on which type of tax return you’re extending, the process is pretty much the same. You can file electronically or mail your extension form. Extensions need to be filed by the original due date of your return. Be sure to contact your tax professional to assist in filing an extension, if it is needed.
Here’s the good news: the IRS doesn’t actually need to know why you’re extending.
Let’s bust some other common extension myths:
Filing an extension increases my risk of an audit—FALSE! Last year, roughly 19 million taxpayers extended their returns.
I’ll have more time to pay my taxes—NOT TRUE! Regardless of whether you extend, you still owe any taxes due by the original return due date.
Do you have an LLC or Corporation?
Don’t forget to file your Annual Report! Since it’s that time of year in TN, I thought a reminder would be helpful—Annual Reports are due April 1st for all businesses in TN to keep your business registered with the Secretary of State. Most states have a similar requirement & process. For the 2024 Annual Report, the state of TN did a major update to the website & you’ll have to create an account to login to the portal. The plus side? You will be able to review all your filings moving forward—so if you need to pull a copy, it will be available online.
Owning your own business is exciting, and can present various challenges along the way. After reading through each part of the 5 Things They Didn’t Teach You in Business School, I hope you feel more empowered, and ready to make your business more successful by applying the tools you’ve learned throughout this series.
If you know someone who’s starting their own business, please send them the link to register for my class “Start Smart: Essentials for Starting a Small Business.”
This Month’s Freebie!
Just like you go to the doctor for your annual physical, you need to do regular check-ups on your bookkeeping (especially if you’ve been doing it yourself!). Click the link below to get the Checklist!
We are thankful to make the tax season less stressful for our clients. If you know another business owner who is stressed about tax time & their bookkeeping, we would be honored if you shared our services with them!
It’s my job to make one of the most stressful times of the year a little less anxiety-inducing! Please don’t hesitate to reach out if you have any questions.
Vendor Spotlight – Gusto
Lookout Bookkeeping partners with Gusto for payroll processing. If your next step in business is to hire employees, we are here to assist you in getting payroll set up. We are Gusto Payroll Certified.
Would you like to see how compliant your payroll & employment practices are?
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.
$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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