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Eclipses, Brackets, and Estimated Taxes

You know how they call the NCAA basketball tournament March Madness? I’m coining the term April Absurdity for all of the tax craziness that’s happening on April 15th – TODAY – I’m hoping the absurdity of the month is behind you already!

Here’s what needs to be filed/paid:

• Your individual tax return filing (Form 1040) and tax payment
• Your first quarter 2024 estimated tax payment
• Any calendar year corporate tax return filings (Form 1120) and tax payment
• Any calendar year estate and trust return filings (Form 1041) and tax payment

If you aren’t sure whether you’re going to be able to get your return(s) filed in time, you should file for an automatic extension. If you aren’t working with a tax accountant who can file an extension on your behalf, check out IRS Free File to file an extension for free regardless of your income level.

These deadlines are no April Fool’s joke! Make sure to file and pay on time or you may be subject to penalties and interest.

Important Dates

APRIL 15, 2024

• First quarter estimated tax payment due
• Individual tax return filing and payment due
• Corporate tax return filing and payment due
• Calendar year estate and trust return filings due

Don’t Be Afraid of the IRS

Are you afraid of the IRS and the looming possibility of audits and penalties? Fear not! It’s time to dispel those anxieties and take control of your financial destiny. With a few proactive steps, you can navigate the tax landscape with confidence and peace of mind. Follow these five key strategies to banish the fear of the IRS for good.

1. Keep all receipts. The first step to audit-proofing your finances is to maintain meticulous records of your business expenses. Collect and organize all receipts in a dedicated folder, either digitally or physically. Utilize email folders and cloud storage platforms like Google Drive, OneDrive, or Dropbox for easy access and backup. Remember, receipts serve as your primary evidence in case of an audit, so don’t skimp on this crucial step.
2. Do your bookkeeping. Don’t neglect your bookkeeping duties! While it may seem tedious, staying on top of your financial records is essential for maintaining clarity and organization. Consider investing in bookkeeping software or hiring a professional to streamline the process. With accurate bookkeeping, you’ll have a clear picture of your finances and be well-prepared for any IRS inquiries.
3. Report all of your income. Transparency is key when it comes to dealing with the IRS. Be sure to report all of your income, no matter how small or incidental it may seem. Hiding income or underreporting earnings is a surefire way to attract unwanted attention from the IRS. Remember, honesty and integrity are your greatest allies in tax compliance.
4. Hire a good tax professional. Don’t go it alone when it comes to tax planning and strategy. Enlist the help of a qualified tax professional who can provide expert guidance and ensure that you’re maximizing your deductions while staying within the bounds of the law. A knowledgeable tax professional can offer invaluable advice and peace of mind during tax season.
5. Separate your business and personal finances. Lastly, it’s essential to keep your business and personal finances separate. Establish a dedicated business account to track income and expenses, and avoid commingling funds. This simple yet crucial step not only streamlines your financial management, but also demonstrates professionalism and compliance to the IRS.

By implementing these five strategies, you can banish the fear of the IRS and approach your tax obligations with confidence and clarity. Remember, proactive planning and adherence to best practices are your greatest allies in navigating the complexities of the tax system. So take charge of your finances today and say goodbye to IRS anxiety for good!

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​

Client Corner:

EOY Financials

Most clients have received their EOY Financials – if you have not, it is because there are outstanding items needed to complete your financials – which have been communicated through the client portal.

Please check your client portal: http://clients.lktbook.com/client-login​

If you have any questions, please reach out!

Are we connected on LinkedIn?

If we are not, I’d love to connect! Follow this link to see my profile and add me to your network: www.linkedin.com/in/melissa-guinn​
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Cheering you on!

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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.

This month’s free resource:

Reconciliating Your Books

Did you have to pay WAY more in taxes than you expected to this Tax Day? I’d compare that feeling to when your A/C goes out in the middle of the summer… brutal! ​ If you want to reduce the likelihood that you’ll have to write a massive check to the IRS next April, hit the button to receive Nine Ways to Avoid A Surprise Tax Bill. Don’t miss out on these tips! Get the Guide!

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