The Countdown Begins For Tax Extensions

The first deadlines for filing your taxes or filing for an extension are fast approaching.

March 15th: Business Partnerships and S Tax Election Entities (usually called an S Corp) These are the returns that produce a K-1 to the owners

April 15th: Personal Returns, Default LLC (sole proprietor)

** C Corporation’s returns are due the 15th of the 4th month after their year end date.

Filing the extension is not difficult; it’s a form that must be filed with the IRS based on the type of entity you are filing the extension for.

However, when you file your extension you are required to pay any taxes owed, and failing to do so will result in penalties and interest.

So that means you will need to have some idea of what your taxable implications will be.

How will you know what that could be if your information is still not compiled?

It can be a challenge. We are here and happy to help.

Want to do it on your own?

Here are Nine Secrets to saving more on Taxes:

1. Reconcile all your accounts

2. Gather all payroll documents

3. Gather investment documents

4. Review your entity structure

5. Have additional tax deductions?

6. Review depreciation allowances

7. Compile large asset transactions

8. Review home office deductions

9. Qualify your team

Make your $$ work for you!

Here at The CFO Agency, we understand the role that solid tax strategies play in your financial picture.

When you are working with a strategic financial partner, you can rest assured that your accounting needs are expertly managed with maximum tax savings, freeing you to flourish in business & life.

If we are a good fit reach out today and lets get started!

Email us at wealth@thecfoagency.com and let’s connect!