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October Extended Due Date Just Around the Corner

9/30/2019

 
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​Article Highlights:
  • October 15 is the extended due date for filing federal individual tax returns for 2018.
  • Late-filing penalty
  • Interest on tax due. 
  • Other October 15 deadlines.
If you could not complete your 2018 tax return by the normal April filing due date and are now on extension, that extension expires on October 15, 2019. Failure to file before the extension period runs out can subject you to late-filing penalties.

​There are no additional extensions (except in designated disaster areas), so if you still do not or will not have all of the information needed to complete your return by the extended due date, please call this office so that we can explore your options for meeting your October 15 filing deadline.

If you are waiting for a K-1 from a partnership, S-corporation, or fiduciary return, the extended deadline for those returns is September 16 (September 30 for fiduciary returns). So, you should probably make inquiries if you have not received that information yet.

Late-filed individual federal returns are subject to a penalty of 5% of the tax due for each month, or part of a month, for which a return is not filed, up to a maximum of 25% of the tax due. If you are required to file a state return and do not do so, the state will also charge a late-file penalty. The filing extension deadline for individual returns is also October 15 for most states.

In addition, interest continues to accrue on any balance due, currently at the rate of 5% per year. This rate is subject to adjustment quarterly.  

If this office is waiting for some missing information to complete your return, we will need that information at least a week before the October 15 due date. Please call this office immediately if you anticipate complications related to providing the needed information, so that a course of action may be determined to avoid the potential penalties.

Additional October 15, 2019 Deadlines – In addition to being the final deadline to timely file 2018 individual returns on extension, October 15 is also the deadline for the following actions:

  • FBAR Filings - Taxpayers with foreign financial accounts, the aggregate value of which exceeded $10,000 at any time during 2018, must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). The original due date for the 2018 report was April 15, but individuals have been granted an automatic extension to file until October 15, 2019.
 
  • SEP-IRAs – October 15, 2019 is the deadline for a self-employed individual to set up and contribute to a SEP-IRA for 2018. The deadline for contributions to traditional and Roth IRAs for 2018 was April 15, 2019.
 
  • Special Note – Disaster Victims – If you reside in a Presidentially declared disaster area, the IRS provides additional time to file various returns and make payments.

If you need assistance, please contact us or schedule a consultation to review extended due dates of other types of filings and payments and for extended filing dates in disaster areas.
The information presented is of a general nature and should not be acted upon without further details and/or professional guidance. For assistance in identifying and utilizing all the tax deductions to which you are entitled, please contact us, your CPA or tax preparer.

2019 Tax Highlights

9/26/2019

 
There are more changes in tax credits and deductions for 2019. How will you be affected? Are you prepared? Check out this video to learn more and to avoid taking a big tax hit.

If you have questions on estimating where you stand, please schedule a complimentary consultation to review your tax status and planning needs.
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The information presented is of a general nature and should not be acted upon without further details and/or professional guidance. For assistance in identifying and utilizing all the tax deductions to which you are entitled, please contact us, your CPA or tax preparer.

9 Expenses That Might Not Be Tax Deductible

9/23/2019

 
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Many business owners fall into the (expensive) trap of incurring expenses they incorrectly believe they can then deduct as a business expense. Have you fallen into any of these traps? Check out this article to learn more.

If you would like help determining whether a planned expense is actually deductible, please check out this article on our Resources page or contact us for assistance with your tax planning. We'd love to be of assistance!
The information presented is of a general nature and should not be acted upon without further details and/or professional guidance. For assistance in identifying and utilizing all the tax deductions to which you are entitled, please contact us, your CPA or tax preparer.

7 Common Small Business Accounting Mistakes

9/19/2019

 
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Have you fallen prey to common accounting mistakes? Check out our article to help avoid or correct these mistakes in your business (click on the tab for the June 2019 newsletter).

​As we head into the final quarter of the year, fixing any issues now will make the upcoming tax season easier.

Please don't hesitate to give us a call or schedule a complimentary consultation if you need assistance managing your business' books moving forward.
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact us, your CPA or tax adviser for additional details.

Quick Facts: Employee or Independent Contractor?

9/18/2019

 
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Per the IRS website, the general rule is that “an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done."

Are you classifying any contractors you use properly? Incorrectly classifying employees as contractors can lead to hefty penalties and fines. Check out this guide to protect your business. 

​​We are heading into the time of year to finalize preparations for the upcoming tax season. 
For help managing the reporting for and documenting of independent contractors or to select a payroll service for individuals who should be categorized as employees, please schedule a complimentary consultation to review your needs. We'd be happy to help!
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact us, your CPA or tax adviser for additional details.

Take the Pain Out of Managing Accounting Tasks

9/16/2019

 
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Maintaining a good accounting workflow to keep up a business' books can be a daunting task, especially when undertaken by a business owner whose specialty is their business offering, not accounting. To help identify which tasks are necessary, and on what schedule, check out this article.

Please don't hesitate to give us a call or schedule a complimentary consultation to discover how we can assist your business to successfully manage accounting tasks. Allow us to provide the time freedom you need to work on growing your business while having access to solid financial information at your fingertips.
QuickBooks and Other Discounts Available
Why pay more for software and services than necessary? Check out our Resources page for information on discounts available to our clients.

How to Write Your Mission Statement

9/12/2019

 
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Mission statements are not just for large corporations. As an owner of a small business, you can benefit from going through the exercise of writing your mission statement. It can not only re-connect you with your “why,” it can also communicate an important part of your business to your stakeholders.  

What Is a Mission Statement?
 
A mission statement answers the question “What impact will you have on the world?” It’s your core purpose, your reason for being. 
Here are a couple of mission statement examples from large companies who have maintained a successful foothold in the marketplace:  

Harley-Davidson: We fulfill dreams through the experience of motorcycling, by providing to motorcyclists and to the general public an expanding line of motorcycles and branded products and services in selected market segments.
 
Darden Restaurants:  To nourish and delight everyone we serve.
 
FedEx: FedEx will produce superior financial returns for shareowners by providing high value-added supply chain, transportation, business and related information services through focused operating companies. Customer requirements will be met in the highest quality manner appropriate to each market segment served. FedEx will strive to develop mutually rewarding relationships with its employees, partners and suppliers. Safety will be the first consideration in all operations. Corporate activities will be conducted to the highest ethical and professional standards.
 
Ford: We are a global family with a proud heritage passionately committed to providing personal mobility for people around the world.
 
Levi-Strauss: People love our clothes and trust our company. We will market the most appealing and widely worn casual clothing in the world. We will clothe the world.
 
Microsoft: At Microsoft, we work to help people and businesses throughout the world realize their full potential. This is our mission. Everything we do reflects this mission and the values that make it possible.
 
NIKE: To bring inspiration and innovation to every athlete in the world.
 
The Walt Disney Company: The mission of The Walt Disney Company is to be one of the world's leading producers and providers of entertainment and information. Using our portfolio of brands to differentiate our content, services and consumer products, we seek to develop the most creative, innovative and profitable entertainment experiences and related products in the world.

Mission Statement or Vision Statement?
 
A mission statement differs from a vision statement because a vision statement communicates what the company wants to be. 
 
Ask yourself what your business’s core purpose is.  What is the impact you want to have on the world?  Once you know, you’ll be able to write your own mission statement. 
 
Sharing Your Mission Statement
 
There are many ways you can share you mission statement. 
 
  • Make sure your employees know it.
  • Display it in the About section of your website.
  • Add it to your marketing material where appropriate.
  • Use it when recruiting for new employees.
  • If it’s short, use it on promotional items such as mugs and t-shirts.
  • Frame it and hang it in your office.
  • Mention it in speeches you give.
 
A mission statement is something to be proud of and something that should make people smile. Yours should motivate and energize you. Once you’ve written yours or if you already have one, be sure to share it with us.

MyPayrollHR Leaves Businesses Employees in the Lurch

9/11/2019

 
Approximately 4,000 businesses were hit with very bad news this past week when the payroll company MyPayrollHR suddenly shut down. With it's closure, an estimated $35 million dollars of business and employee payroll funds were lost. If your company was impacted by this incident and you need assistance getting back on top of your payroll, please don't hesitate to give us a call or email us. We would be happy to work with you and our reputable payroll provider partners to get your payroll back up and running. (Check out our Resources page for additional details.)

Is Your Business Prepared For a Cyber Attack?

9/11/2019

 
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"60% of small companies that get hacked will go out of business in six months."

Thinking about cyber attacks is not a pleasant subject. However, the life of your business and your reputation are tied into whether or not you have prepared just such a possibility. Have you taken steps to protect your business? 

Check out some tips in this article.

Does Your Business Have a Safety Net?

9/9/2019

 
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One of the most important parts of managing a business is making sure there is enough cash to keep the business going.

As a business owner, you probably have a very good idea how much cash you have in the bank at any time. The smaller your business is, the more likely you are to keep a close eye on cash.

​​Checking your cash balance daily is an option. Yet there is another often-overlooked option – and a responsibility – that many business owners don’t spend enough time on. This responsibility is managing your future cash, especially considering unplanned situations. Looking ahead helps reduce your business risk and allows you more time to correct any upcoming dip in your cash balance.
Having enough cash is akin to having a safety net for your business. It can sometimes even mean the difference between staying in business and going out of business. To plan how much you might need for your safety net, you can use a few different methodologies.
 
One way to plan your safety net is to prepare for the worst-case scenario. How long would your cash hold out if no revenue were to come in but all expenses kept going out? Some questions you might ask:

  • At what point will your cash run out? How many weeks or months of cash do you have?
  • Do you have a line of credit you can tap at a bank?
  • Do you have other loans or sources of cash that you can tap quickly in case of emergency?
  • What expenses could you shut down without hurting your business if you had to?
 
Another way to plan your safety net is to do what the average business does: acquire the amount of cash you need for two to three months’ worth of operations and keep it on hand. Alternately, you can make a plan to liquidate that much cash on a very fast basis and only put your plan in place if it’s needed.
 
An easy way to get these numbers is to utilize cash flow forecasting tools. A more manual way is to look at your bank statements in conjunction with your average accounts receivable and accounts payable balances. If that’s all Greek to you, no worries. Feel free to contact us and we can help you figure out a safety net number that you’ll feel comfortable with and that will keep your business risk low.
 
Once you have a safety net in place, you’ll gain peace of mind for your business. It’s one step in an overall disaster preparedness plan that you can make for your business.
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact us, your CPA or tax adviser for additional details.
QuickBooks and Other Discounts Available
Why pay more for software and services than necessary? Check out our Resources page for information on discounts available to our clients.
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    Author

    Successfully meeting the challenges inherent to new and smaller businesses provides me with a special type of satisfaction. 

    Supporting businesses that have the potential to become amazing – from both the perspective of owners and team members as well as their clients – is what I enjoy. 

    I hope to use this blog to provide information specific to businesses that are growing from small beginnings into exceptional companies.

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  • Home
  • Why Us?
    • Reviews
    • Open Positions
  • Client Services
  • Resources
    • Save on QBO Subscriptions!
    • Tax Refund Status
    • Gusto Year End Checklist
    • Videos >
      • Business Taxes >
        • 2019 Business Tax Highlights
        • 7 Ways Small Business Can Save On Tax
        • Taxes for S-Corp Owners
        • The IRS Loves Businesses
      • Personal Taxes >
        • 2019 Tax Highlights
        • Five Yearly Tax Essentials
        • 4 Common Tax Surprises
        • Retirement Can Be Taxing
        • Advance Child Tax Credit Reconciliation - 2022
        • Make the Most of Your Donations
        • Five Great Tax Secrets
        • Renting Your Property Tax Free
        • Ideas to Audit-Proof Your Tax Return
      • The Tax Cuts & Jobs Act >
        • The Tax Cuts & Jobs Act: What You Need to Do Now
        • The Tax Cuts & Jobs Act: Are Itemized Deductions A Thing of the Past?
        • The Tax Cuts & Jobs Act: The New Child Care Tax Credit
      • Tax Topics >
        • Tax Season is Coming!
        • The New World of Deductions: What Everyone Needs to Know
        • Proving Your Deductions
        • How to Fix a Mistake on Your Tax Return
        • How Long Should I Save It?
        • Tax Credit vs Tax Deduction
        • Understanding Effective Tax Rate
        • Understanding Marginal Tax Rate
      • Life Events >
        • Life Events: A New Birth
        • Life Events: Marriage
        • Life Events: Divorce
    • Articles >
      • Accounting & Bookkeeping >
        • How to Get the Most Out of Your Accounting Fees
        • The 10 Biggest Money Leaks in Your Accounting System
      • Business Factors >
        • IRS Rules for Classifying Workers
        • Checklist for a Healthy Cash Flow
        • 12 Ways to Improve Your Business Profits
        • 10 Step Annual Business Check-Up
      • Tax Topics >
        • Tax Guide for Self-Employeds
        • 15 Things Every Tax Payer Should Know
        • Disaster Casualty Losses
        • Travel & Entertainment Deductions
        • Tax Guide - A Deduction Checklist
        • What You Should Know About Tax Audits
    • Newsletters >
      • Newsletters - Monthly Editions >
        • Newsletter - Monthly Edition
      • Newsletters - Quarterly Editions >
        • Newsletter - 2019 Fall/Winter
        • Newsletter - 2019 Spring/Summer
    • How To's >
      • How To - Dext
      • How To - BILL
  • Blog
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