Download this Newsletter (PDF Version)
Every Penny Bookkeeping logo on a coin
October 2024

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!

The Ultimate Guide to Writing Off Business Meals

In this guide, I’ll break down:

  • What actually qualifies as a legitimate business meal expense

  • How to document your meals properly

  • And how to avoid common mistakes I see entrepreneurs make every day

 

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.

This is not formal financial advice.
Be sure to check with your tax professional or accountant to determine what’s right for your business and tax situation.

This freebie was originally shared in a past newsletter and may no longer be available for instant download.

If you’re looking for this resource or have a question, feel free to email us and ask if its still available!

[email protected]

Ready to finish off Q4 of 2024 strong? We’re here to help! We offer many services to best help our clients achieve their goals. Have you heard about our Growth Planning Program? Have dreams but need a road map? Struggling with debt? Looking to grow? We also offer fractional CFO services. If you want to know how we can help it’s time to schedule a call. Let’s set those dreams in motion.

Lourene Bouffard
Lourene Bouffard

[email protected]
www.everypennybooks.com
(518) 290-8330