Good Recordkeeping =
The Backbone of Business Success

Although it might appear excessive, maintaining very detailed records—including receipts, bills, invoices, and other payment documentation—is crucial for both businesses and individuals.

By maintaining organized records, you can easily track your financial health, streamline tax preparation, and make informed decisions. Establishing good recordkeeping habits not only saves time and money but also ensures compliance with regulations. Our latest article provides the benefits to solid recordkeeping and tips to make it easy. CONTINUE READING

Mark Your Calendar

Due August 15: Form 990

Due September 16: Forms 1120S & 1065 a

Due September 16: Estimated Tax Payment for 3rd Quarter of 2024
If you’re self-employed or have other sources of income not subject to withholding, you’re required to make estimated tax payments. The third estimated tax payment for 2024 is due by September 16, 2024. Use Form 1040-ES.

Due September 30: Form 1041

Due October 15: Forms 1040 & 1120

Due October 15: Extended deadline to file your 2023 income tax return (if you filed for an extension).

Tax planning isn’t just a year-end scramble—it’s a strategic financial practice that pays dividends throughout the year. Let’s delve into why consistent tax planning matters with these 6 benefits.
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Schedule Your Tax Planning Session

S-Corporations,

In order to stay in compliance, All, more-than-2%-S-Corp owners should be reviewing their payroll compared to their net profitability.   We recommend doing so now, in the middle of the tax year, and once again before the end of the year.

 If you need any assistance with the review, please call the office at 512-291-9955 to schedule a tax planning meeting with either Jeanine or Karen.

Form 1120-S is an IRS tax return document used by S corporations (S corps) to report profits, losses, and deductions for the fiscal year. As pass-through tax entities, S corps do not pay corporate taxes; instead, income is passed through to shareholders and taxed at their personal income tax rate.

Alongside other IRS forms, Form 1120-S is typically accompanied by Schedule K-1 Form 1120-S to detail each shareholder's income, deductions, credits, and ownership. The submission deadline for Form 1120-S is the 15th day of the third month after the fiscal year ends, ensuring compliance with tax regulations.