As we wait for legislative updates, this is a reminder for CA business owners who typically make the passthrough entity election (paying your individual taxes on profits at the business level). CA requires that you make an estimated tax payment NO LATER than 6/15 if you want to be able to make the election at all this year. The amount must be at a minimum equal to 50% of your prior year PTET liability. Your 2024 corporate/entity returns will have a voucher with the correct amount, but please reach out with any questions!
Financial & Tax Updates
Q2 ESTIMATED TAX PAYMENTS REMINDER
JUNE 15th is the Q2 estimated tax deadline, just a friendly reminder. If you are looking for your quarterly vouchers, they are included in your client copy of your 2024 tax returns.
Please reach out if you have any questions!
Tax Deadline 4/15
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!
2/15 Document Deadline
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.
Tax Season 2025
Happy New Year! We are getting ready for tax season 2025 (2024 filing year), please review the following notes:
- 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.
- Busy Season Schedule: Brian’s calendar will show limited availability, please reach out if you need to schedule time to discuss any important details.
- 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.
- 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!
Year-End Planning
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:
Paying down profits
Tracking mileage and home office deductions
HSA/FSA
Assessing retirement deferral options
Salary optimization and filing a reasonable salary (S-corp shareholders)
Assessing bonus depreciation options for new asset purchases
R&D Tax Credits
Roth IRA
Hiring your kids
Real Estate – cost segregation studies, 1031 exchanges
Tax loss harvesting (capital losses)
FINCEN BOI REMINDER – PLEASE READ
As we approach the end of the year, this is a final reminder to ALL clients who have an ownership interest in a legally registered entity (LLC, Corporation, etc.) to register your entity with FINCEN before 12/31/2024: https://fincen.gov/boi
This is required, not optional. Penalty for failure to file this Beneficial Ownership Information Report is $500/day per entity and potential criminal penalties.
Our firm is NOT providing services related to this required filing and it is in no way related to your tax compliance. There are many providers out there including registered agents and attorneys that are offering registration services, and a lot of individuals are registering on their own directly through the link provided above. Please let us know if you have any questions.
2023 Tax Extension Deadline and Failed Legislation
Quick reminder for those on extension:
Partnerships and S-Corp returns are due by 9/15. Please ensure our office has any outstanding request items by 8/15 to ensure timely filing.
Individual returns, C-Corporations, Trust returns are due 10/15. Please ensure our office has any outstanding request items by 9/15 to ensure timely filing.
For those of you who were on extension in hopes that the house legislation (tax bill) would pass the senate vote…it did not. R&D, bonus depreciation, and the child tax credit expansion fixes did not make it through. We are recommending moving forward with filing 2023 under current known rules and we can later amend if applicable legislation passes after the deadline.
Any questions – please reach out!