Hello and welcome to our April edition of the Small Business CFO Newsletter! This month, we're diving into the madness that is the tax season, offering some tips for writing off business expenses, and providing a useful freebie to help you avoid a surprise tax bill next year. And, to top it all off, we're going to take a look at the celestial event of the month: the total solar eclipse. So, let's jump right in!
April Absurdity: Eclipses, Brackets, and Estimated Taxes
You know how they call the NCAA basketball tournament March Madness? Well, I’m coining the term April Absurdity for all of the tax craziness that’s happening on April 15th! Here’s what needs to be filed and 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.
Remember, these deadlines are no April Fool’s joke! 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. Make sure to file and pay on time or you may be subject to penalties and interest.
Pumpkin Spice & Client Advice
Planning to write off your latest client meeting at Starbucks? Make sure you document these things on your receipt:
- The business purpose of your meeting.
- All of the individuals who were present for your meeting.
- The time, place, and amount spent if not included on your receipt.
Documenting these details is crucial in case of an audit and can help you keep track of your business expenses more effectively.
Avoiding a Surprise Tax Bill
Did you have to pay WAY more in taxes than you expected to this Tax Day? That feeling can be compared to when your A/C goes out in the middle of the summer... brutal!
But don't worry, we've got you covered. If you want to reduce the likelihood that you’ll have to write a massive check to the IRS next April, DOWNLOAD your would like a copy of my Nine Ways to Avoid A Surprise Tax Bill. Trust me, I see WAY too many clients overlook #6...
Total Solar Eclipse
And finally, if you need an escape from the tax craziness of this month, don’t forget to check out the total solar eclipse on April 8th! I’ll be pretty busy watching from office window doing taxes.
. Leave a comment if you have any fun eclipse plans so I can live vicariously through you!
That’s it for this month's edition of the Small Business CFO Newsletter. Stay tuned for more tips, advice, and updates in the next one!
~Your Small Business CFO
Comments ()