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April 2024

Penny Wise

Eclipses, Brackets, and Estimated Taxes

You know how they call the NCAA basketball tournament March Madness? 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/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

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.

These deadlines are no April Fool’s joke! 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

Grab Your Freebie!

Did you have to pay WAY more in taxes than you expected to this Tax Day? I’d compare that feeling to when your A/C goes out in the middle of the summer… brutal!

If you want to reduce the likelihood that you’ll have to write a massive check to the IRS next April, hit REPLY and let me know you would like a copy of my Nine Ways to Avoid A Surprise Tax Bill. I see WAY too many clients overlook #6…

Claim It Today!

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 it with my family. Respond to this email if you have any fun eclipse plans so I can live vicariously through you!

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