The Clock is Ticking on Your Extended Return
By Tiffany McBroom and Melanie Sikma
If your personal or business tax return is on extension this year, now is the time to get organized and reduce stress before the final filing deadline arrives. Even if another professional is preparing your return, using this time intentionally can make a meaningful difference.
For business returns on extension, the September 15 deadline is approaching quickly. It helps to:
- Bring bookkeeping fully up to date and ensure bank and credit card accounts are reconciled.
- Organize payroll reports and year to date compensation information.
- Gather any outstanding documents, including income records, expense documentation, and information related to ownership or entity changes.
For individual returns on extension, there is still time to prepare ahead of the October 15 deadline. Consider:
- Confirming that all W 2s, 1099s, and investment statements are accounted for.
- Tracking down any K 1s from partnerships or S corporations.
- Making a list of major life changes that may affect your taxes, such as a move, new dependents, or a home purchase or sale.
At One Stop Tax Strategists, we focus on structure, strategy, and proactive tax planning so you can move beyond simply getting your return filed and begin preparing more intentionally for the year ahead.
If you have questions about your entity setup, current tax situation, or ways to make next year smoother and more strategic, reply to this email for more information.
Tiffany McBroom and Melanie Sikma are a sister powerpack combo! They grew up listening to Byron, who is their father, mentor and guide, talk tax and financial strategies with his business owning friends on camping trips. Byron has been a CPA for 30+ years and thrives on finding new solutions to saving business owners more on taxes. His excitement for helping entrepreneurs make their dreams come true led both of them into the same field as him. Learn more by visiting onestoptaxstrategists.com.
