Here’s what you need to do this month for your taxes

Every Penny Books Newsletter

Here’s what you need to do this month for your taxes

Here’s what you need to do this month for your taxes:

File extended individual tax returns (Form 1040)
Meet with your accountant for year-end tax planning
Employers need to file their 941 for the third quarter
File extended corporate tax returns (Form 1120)
Start planning any end-of-year charitable donations
Ensure you have signed W-9s from all contractors

What happens if I just don’t file?

Failure To File Penalty: If you haven’t filed your tax return by the due date, you may be subject to this penalty. Per the IRS, this penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late for up to a maximum of 25% of your unpaid taxes.

Keep in mind, the IRS also charges interest on penalties. Please reach out if you think you’ll be unable to file by the deadline to discuss what steps you should be taking next!

Tax Season Survival Guide

In this guide, I’ll break down:

When it comes to business deductions, the first question you should always ask is:

“Is this an ordinary and necessary expense for conducting my business?”

When it comes to business meals, though, the rules get a little trickier. There are extra layers of “facts and circumstances” to consider before you can confidently take a deduction.