Woohoo! Your taxes are no longer due April 15! Does that mean you shouldn’t care about your taxes now? NO!!
However, if you’re trying to figure out how to keep your business running, your kids entertained and educated, your family fed, and your toilet paper rationed... taxes are understandably the furthest thing from your mind.
Here are some simple steps you can do now to help the inevitable go smoother:
Continue to gather any 2019 documents you still need. Throw all the paperwork in a large envelope or a folder on your computer.
Go ahead and send your information to your tax accountant (if you have a business, we strongly encourage you to have a good tax accountant).
If you think (or know) you will owe money, start planning now. If your business is still pretty steady, start setting aside a reasonable amount every time you make a deposit. Put it in a separate account, and don’t touch it! Even if you don’t have much coming in, see if you can set a few dollars aside.
Tax Deadline Extensions:
June 15 - Business Tax
July 15 - Franchise & Excise Tax
July 15 - Hall Income Tax
July 15 - Federal Taxes
Estimated taxes are still due this year. Right now, the dates are:
July 15 (1st & 2nd quarter, as well as 2019 taxes)
December 15 or January 15, depending on your filing type.
Notice that 2019 taxes, as well as 1st and 2nd quarter 2020, are all due on July 15 - this can add up to a big number! If your income is down this year, you will owe less in taxes, but you will owe if you make any money. There are even some state taxes you may owe even if you lose money. Relieve some future stress now by setting aside a small amount from each deposit you make. Even $5 or $10 adds up after a while and helps down the road.
Looking for accountability or help with a plan? Reach out to us and schedule a time to talk. We’ve helped many entrepreneurs and small business owners make a difference in their savings – and their peace of mind.