Financial & Tax Updates

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.