It’s Time to Talk Tax … Again

What if I told you April wasn’t the only time taxes become a conversation? To properly navigate the rest of 2019, it is time to check in with your planning progress and get organized. September and October are also big tax months for those companies and individuals that have filed extensions. Depending on the type of business entity, you are either 30 or 60 days out from go-time, so let’s get refreshed on some key things to consider for filing.

Planning and Organization Are Your Friend

When extensions are filed, the common train of thought is that taxes can be an ignored subject for a while. Nope. This is procrastination at its best — to your business’s detriment. The last thing you want to do is shove a bundle of receipts in a drawer to come back to at the beginning of your extension deadline month. The best way to manage taxes is to be proactive and stay engaged year-round. You can do this by staying up to date on your financials and forecasting items such as quarterly tax payments. Being proactive will save a lot of headaches and keep surprise tax bills down.

Lucky for our clients, Accountfully has an experienced tax team ready to help you navigate your tax needs. We offer a few different tax packages that meet a variety of budgets and service needs. When we are at the tax helm, books are up to date, filing is swift and deductions are maximized.

For many business owners, the reality is extension deadlines are soon arriving and it’s time to get taxes filed and items organized to the best of their ability

Extension Deadlines For Each Entity

So when do you file? That depends on what business type you have.

For pass through entities; S-Corps and Partnerships, September 16th is your day. S-Corps and Partnerships are not taxed directly, the income flows through to the owner’s personal tax return.. These companies have more restrictive rules when it comes to investors. In short — less taxation with the benefits of protecting personal assets, but less flexible for investments. You can read more detail on S-Corps and which type of entity should be yours here.

Individuals (including Sole Proprietors) and C-Corps are due October 15th. Individuals that are just getting their business off the ground as a sole-proprietor are in this group. These entities carry more risk, since your personal assets are included as part of your business, and you are taxed on the net income of your company. C-Corporations are ideal for those that are seeking venture capital or businesses that keep their retained earnings in the business.

If you are unsure which type of entity works best for you, we can assist with this. We will also navigate the complicated paperwork that this can entail when starting your venture. .

Get In Touch With New Tax Laws

Tax laws change year to year, which is why it’s a good idea to have a professional in your corner that knows the ins and outs of what works for your business. Knowing these laws will help you plan for larger expenses and maximize deductions associated with any changes. Our tax pro team is on the cutting edge of tax law. You can sleep better knowing you haven’t forgotten something on your return when it’s passed through the hands of our professionals.

Taxes Can Be Easy

Even if you have a looming date for filing in September, you still have about 30 days to plan ahead and get organized. Taxes don’t have to be a mad scramble for deductions and they don’t have to be a last minute task. You also have time for developing your 2019 tax game plan and it doesn’t have to be all on your shoulders. Accountfully can help. Think of the burden that is lifted by engaging our top notch tax team. Let the pros advise and implement for you. From choosing the best entity for your goals, to managing filing, and assisting with audits, we have a package that can suit your needs.

Talk to us about tax — we dig it. Check out our current tax packages, then schedule a time to chat about where we can go next working on your side.

Originally published at http://blog.accountfully.com.

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Accountfully

Outsourced Accounting For Modern Brands. Serving clients nationwide with offices in Charleston, SC + Nashville, TN • We are a three time Inc. 5000 company