Every Penny Bookkeeping logo on a coin

March 2024

Penny Wise

It’s officially time to talk taxes!

Did you know that not everyone is required to file their taxes? Your filing requirement is based on factors like your gross income, age, dependent status, earned and unearned income, and how much you make if you’re self-employed.

You may be wondering why I’m telling you this… don’t I want you to file a tax return?

YES! I want you to file a return because even if you aren’t technically required to file an individual tax return, there are several important reasons to consider filing anyway:

  • You may be owed a tax refund
  • You can use your tax return as proof of income for lenders
  • You may qualify to claim certain tax credits
  • Your tax return can be used to calculate your Social Security benefits

Do you need help getting your books ready to file your taxes? Please email us and we’ll get in touch to figure out the best course of action for tackling your finances this tax season.

Important Dates

MARCH 15, 2024

  • Partnerships file Form 1065 (and Form 8804 and 8805 if applicable) and furnish Sch. K-1 or K-3 to each partner. File extension if needed.
  • S Corporations file Form 1120S and furnish Sch. K-1 or K-3 to each shareholder. File extension and pay estimated tax if needed.
  • File Form 2553 to elect S corporation status for calendar year 2024.

Reconciling Your Books

I considered naming this month’s guide “How To Become Your Tax Accountant’s Favorite Client” because that’s what you’ll be when you have a set of clean, reconciled books to give to them each tax season!

But seriously, if you’re a business owner who isn’t reconciling your books (and you don’t want to hire a bookkeeper), click below and download your free copy.

Know a friend who could use this guide? Forward them this post!

Get Yours Today!

From the team at Every Penny Bookkeeping,
we hope you and your families have a marvelous March!
Every Penny Bookkeeping logo
Lourene signature