Tax Extension Deadline: Get Your Books in Order Early
Sep 22, 2024As the October 15th tax extension deadline quickly approaches, it’s time to focus on getting your financial records in top shape. If you filed for an extension earlier this year, this is your final opportunity to ensure your books are in order before filing.
Who Should Be Concerned About the Deadline?
Small business owners who took advantage of the tax extension have until October 15th to file their returns. Whether you're running a startup or an established business, this date is critical for staying in compliance with IRS regulations.
Why It's Important for Small Business Owners?
Many small business owners delay filing taxes due to disorganized financial records. However, accurate bookkeeping is crucial, not just for tax season but for the overall financial health of your business. QuickBooks Online (QBO) offers various tools and features to help streamline the process, from tracking expenses to organizing receipts.
Did you know that filing your taxes late, even with an extension, can still incur interest charges? It's true—the extension only applies to filing, not paying. If you owe taxes, interest may be accruing since the original deadline.
Are You Ready to Meet the Deadline?
With just weeks left, are your books in order for review? Filing on time can save you from costly penalties, interest charges, and other financial setbacks. To help you get organized, I’ve created an 9-step checklist called "How to Get Your Books in Order for Your Tax Preparer," which you can download now.
The first thing on the list? Reconciling all your bank and credit card accounts—an essential step to ensure your records are accurate. The rest of the steps will make sure your income, expenses, and deductions are correctly recorded, so you can avoid penalties and file confidently before the October 15th deadline.
Conclusion
Get Your Books in Order!
Are your financial records complete? Are your deductions accurately recorded? Now’s the time to address these key questions. To help, I’ve shared a detailed checklist exclusively in my club, Be the Boss of Your Books. Members can also access on-demand recordings, where I break down the checklist step by step. Not a member yet? Join the club now to get these resources.
Need Personalized Help?
I’m offering new clients a complimentary 20-minute consultation to help you get your books in order before the deadline.
Please complete the new client form prior to our meeting. Submitting this form before the date of your consultation is essential for a productive session.
Together, we’ll assess your financial records and ensure you’re ready to file on time.
Don’t let the October 15th deadline catch you off guard—get started today!