Tax Extensions Are Almost Up...Are You Prepared?

For those of you who own a business (NOT a single-member business) AND extended your 2023 business income tax return filing date - IT’S ALMOST TIME!

And for those of you who extended your 2023 personal income tax returns filing date - IT’S COMING UP SOON (the due date for personal income tax returns is Oct. 15th, 2024)!

Sept. 16th, 2024 is the deadline to prepare your 2023 business income tax returns (since the 15th falls on a Sunday) so it’s time to gather your information so preparation goes smoothly for your preparer(s).

Here’s a partial list of the information MF TAX & ACCOUNTING usually needs from our business clients:

• business bank statements for the entire tax year

• check register

• QuickBooks files (or similar bookkeeping software)

• copies of receipts, credit card statements, out of pocket receipts, etc. (in case of any questions)

• payroll files

• quarterly taxes filed/paid (if any)

• 1099s, W-2s, and any other tax documents received and/or filed by the business

• banking info (for refunds or payments)

For your personal income tax return extenders, here’s the partial list of the information MF TAX & ACCOUNTING usually needs from our personal clients:

• all relevant personal information (all pertinent contact info, banking info, birthdays, SSNs, dependent’s personal info - if any)

• all tax documents received

• copies of the previous year’s income tax returns filed (especially if you’re a new prep client); may need more years going back depending on financial situation

• preferred filing status (if you have a unique situation)

• any & all deductions in case you might be itemizing deductions

• if you’re a homeowner or a renter (potential credits in play here)

• if you’re an owner of a business/businesses

The clock is ticking; the hourglass is running out of sand….make sure you get all your tax information to your preparer well in advance of the due dates (in case there’s missing information; it’ll give you time to hunt it down) so preparation goes smoothly - you’re welcome!

Find an experienced local tax preparer who works for a professional tax preparation firm, earns his/her money from hourly/job fees (NOT charging by the form), believes in helping clients improve their tax/financial situations, and has the heart & demeanor of a teacher, NOT a salesperson, and chances are you’ve found the right tax preparer to help you with your tax situation.

For more information, please visit https://www.mftax.com, email marty@mftax.com, or call (570) 760-6524.