Tax

A few quick notes as we approach the deadline:

For those who have already completed 2024 taxes – A reminder for Q1 reviews and planning as needed. Advisory clients, please grab time on Brian’s calendar or send a request with your availability for 2025 planning.

For those still working on 2024: We likely already filed an extension for you, but this is our annual reminder that an extension provides more time to file, not to pay. We always encourage paying estimated tax liabilities by 4/15. If you owe tax when we finalize your extended returns, interest and penalty will apply.

To all: thank you for your continued partnership and confidence.

quick reminders:

• Q1 estimated tax payments are due (for those who this applies to) on 4/15. Your 2024 client copy of your tax return should include forms 1040ES for each quarter when applicable. If your 2024 return is still on process, you may use prior year figures for now or coordinate with us to update the estimates.
• If you have a DocuSign out to you for your 2024 return, please take your time to review prior to signing and let us know if you have any questions. Please note that we can always file an extension if needed, but you are responsible for making your extension tax payment if required.
• Traditional and Roth IRA contributions deadline is also 4/15. This can not be extended, unlike SEP and employer 401k contributions.

Let us know if you have any questions!

S-Corporations and Partnerships – a friendly reminder of our 2/15 deadline for providing financial statements and supporting documents in order to meet the March 15th filing deadline. Please reach out or coordinate with our office if you have any questions.

If an extension is needed, please send us a request via email.

Happy New Year! We are getting ready for tax season 2025 (2024 filing year), please review the following notes:

1. Deadline reminders:
   • entity returns (partnerships and S-Corporations) are due 3/15. We request to have all applicable documents and financials no later than 2/15 in order to prepare the returns. If you need us to file an extension, please let us know.
   • Individual/C-Corps/Trust/Estate returns are due 4/15. Again, we request to have all required information by 3/15. If you need us to file an extension, let us know.
   • All tax liabilities are due by the initial filing deadlines, regardless of extensions. Extensions only provide additional time to file, not to pay. If you need assistance estimating your liability please let us know.
   • 1099’s, W-2’s, etc. are due in January. Business owners, please ensure you meet this filing deadline.
2. Busy Season Schedule: Brian’s calendar will show limited availability, please reach out if you need to schedule time to discuss any important details.
3. Organizers – these are printed to SmartVault as of today under tax year 2024 “client source documents” folder. While we do not require this to be completed, it is highly recommended. At a minimum, use it as a guide/reminder for common tax documents and details you should be providing. Please let us know if you do not see your organizer (this only applies to individual returns). If you are a new client this year, there may not be an organizer.
4. General timing/process –
   • When you believe you have gathered everything required for us to prepare your return, feel free to send Brian an email (this applies to business and individual returns). You are still welcome to upload documents to the vault as they become available (no requirement to wait and upload everything at once).
   • We will communicate with you throughout the preparation process to confirm details and ask clarifying questions.
   • When we have completed final review of a return, we will send it to you via DocuSign for review and signature. Once you have reviewed and signed, we will submit the returns electronically. Once returns process (are accepted by the relevant agencies) we print the e-file confirmation letter to your tax folder.

If you have any questions, please reach out!

Quick reminder to reach out as needed to coordinate year-end tax planning. Here are some important general reminders:

-Estimated tax planning (making sure you are on track) is critical in avoiding underpayment penalties

-Strategy assessment and implementation is best done during the tax year. Here are some examples of planning topics:

Happy New Year! As we approach busy season, here are some important reminders and notes for you (please read)!:

Individual Tax Filing deadline (C Corps, Gift Tax Returns, and Trusts/Estates too) – 4/16/2024 unless extended. All client organizers have been printed to your 2023 SmartVault folder titled “Client Source Documents”. You do NOT have to complete this entirely, but you should use it as a guide. The organizer not only reminds you of items/details provided in 2022, but also has a checklist for you to confirm any material changes in 2023 and communicate them directly to Brian (in addition to confirming direct deposit bank info, address, and estimated tax payments made). Tax season appointments are not required, you may begin uploading documents to your vault when ready. Our system notifies us when documents are uploaded, but you can also send Brian a quick note when all details have been submitted. Please let our office know if you have questions or need an appointment (phone/virtual) to discuss anything in detail.

All Business-Owner clients – 1099’s are due by 1/31/24. Please start gathering payroll reports (where applicable, unless we already have access via QBO or Gusto) and also let us know when financials are complete and reconciled.

Due Dates by entity type are as follows:

Partnership (form 1065) due 3/15/2024

S Corporations (1120S) also due 3/15/2024

Non-Profit (990) Due 5/15/2024

We do understand that some documents (investment, k-1’s, etc.) do not always arrive on time. If you need an extension, please send Brian an email requesting so. We always print e-file confirmations to SmartVault (extensions and final returns) for your records.

Thank you!

We hope everyone is enjoying their summer!

A quick reminder for our clients on extension:

S-corporation and partnership returns are due no later than 9/15/2023.

Individual, C-corporation, and trust returns are due no later than 10/15/2023

We will be reaching out over the next two weeks on outstanding items/questions. If you were waiting on any documents/financials and now have them available, please reach out to Brian directly to coordinate completing your returns.

Thanks!

Some quick updates for Q2:

-Quarterly or Estimated Tax Planning: please reach out or use Brian’s scheduling link to book some time if applicable. Individual Q2 estimated tax payments are due 6/15. If your 2022 Tax return is complete, any applicable quarterly vouchers will be included in your copy of the return (see Smartvault 2022 Tax Folder).

-Business Owners: if a 2023 S-Corp election or other planning needs were part of the 2022 recap, please reach out or schedule some time with Brian.

-We are onboarding bookkeeping/accounting support right now. If your small business has a need for service or support, please let us know.

-2022 Tax Returns: if you are currently on extension, we strongly encourage you not to wait until the September/October deadlines. We will continue working on returns each week. Please reach out if you need assistance or to discuss any outstanding items to provide us.

2022 tax deadline is Tuesday 4/18. While an extension grants additional time to file, tax liabilities are always due by that initial filing deadline.

What this means: if you owed tax or will owe tax with your 2022 returns, it is recommended to pay that balance by 4/18. You may need to estimate this amount if you are still waiting on documents and your 2022 returns are not in process.

2023 Estimates – Q1 estimates are already due as well. If you are supposed to be making quarterly payments, your 2022 tax return copy will likely include those ES vouchers with the amounts, due dates, and payment instructions (federal and state where applicable). If you are on extension, you may not have this information readily available. In that event, you may increase wage withholding or estimate the quarterly payment. 2023 tax planning will commence right after the 4/18 deadline, please coordinate time on my calendar if this applies to you.

If you have questions, do not hesitate to reach out. We will be submitting extension requests for any returns not filed by the 4/17. Proof of the extension request will also be printed to your smartvault folder for your records.