Financial & Tax Updates

It’s that time of year again! Please grab time on Brian’s calendar or reach out via email with preferred days and times and our office can confirm.

Ahead of meeting, please be sure to have updated records for estimated tax planning. Let us know if you have any questions!

Just a reminder for individuals, trusts, and C-Corporations on extension for tax year 2024 – filing deadline is 10/15. If we have not coordinated with you already, please reach out right away.

Year-End Planning (yes, it’s already that time of year): Please grab time on Brian’s calendar (October through December). Note that full availability will not be reflected, reach out with requests for preferred days/times to coordinate if necessary.

Some helpful tips prior to meeting:

1. have your financials in order
2. prepare a list of questions or updates
3. if helpful, send these details in advance

Thank you! And as always, reach out with any questions!

S-Corporations and Partnership returns (on extension) are due 9/15/2025. If you have not already coordinated with our office to provide necessary details, please do so no later than 8/15/2025.

Individual returns, C-Corporations, Trusts (on extension) are due 10/15/2025. Please coordinate with our office or upload documents and your organizer as soon as possible. 9/15 is the requested due date to allow time for processing.

Please let us know if you have ANY questions. We are also working through the new tax legislation (Big Beautiful Bill) and will have more details to provide soon. A quick summary is that most TCJA rules were extended or made permanent (good), R&D expensing has been restored (also good), and bonus depreciation is back (great) while some energy related credits are going away (30% federal Solar Tax Credit for example is now ending after 12/31/2025). More to come shortly, stay tuned.

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!