Turner Business Soutions

?? MARK YOUR CALENDAR ?? March 17th is a huge deadline for owners of a multi-member LLC, S corporation, or partnership!

Here are a few things to take a second look at before you hit FILE on your tax return: → Your name, address, and SSN (including your spouse and any dependents) → Your direct deposit or ACH information → Your filing status Making a simple mistake on one of these fields can delay the processing of your tax return... which means it'll take longer to get your refund! ??

?? [SAVE THIS POST] ?? If you own an S corporation or a partnership, you've got a BIG tax deadline coming up in March! ?? March 17th is the due date for Form 1065 (partnerships or multi-member LLCs) and Form 1120-S (S corporations). REMINDER: You can file for an automatic six-month extension for either of these returns, but you MUST do so by March 17th. If you need to extend your business tax return, it might be a good idea to file an extension for your personal tax return too!

Low- to moderate-income taxpayers can benefit from the Saver's Tax Credit: a tax credit that incentivizes saving for retirement! The credit can be 50%, 20%, or 10% of a qualifying contribution. So, if you make a contribution of $2,000 and you fall under the adjusted gross income (AGI) for a 50% credit, you'll reduce your tax bill by $1,000. Check with your tax accountant or IRS.gov to see which AGI credit rate applies to you.

This might shock you... but not EVERYONE needs to work with a tax preparer! If your taxes aren't complex (for example, you just have W-2 income) and you feel 100% confident in what you're doing, you can probably do your own taxes. But, let's talk about 5 reasons to hire me instead of struggling on your own (p.s. #5 might just be your top reason!). ?? → You own a business and need to make sure you're maximizing your tax deductions. → You aren't sure which tax credits you qualify for, and you don't feel comfortable with the surface-level advice on your DIY tax software. → You own rental properties or other investments that require more complex accounting. → You're trying to implement a tax planning strategy and want to make sure everything is recorded on your tax return correctly. → You simply don't have the time OR desire to do your own taxes! ?? Click the link in my bio to become a client this tax season!

Tax Day is right around the corner... April 15th will be here before you know it! ?? The only way to make your next month easier is to start prepping now: 1?? If you own a business, make sure your 2024 accounting is completed. 2?? Gather all your tax documents and send them to your tax accountant. 3?? If you pay estimated taxes, mark your calendar so you don't forget to pay those along with any taxes due on April 15th. 4?? Don't forget about state tax deadlines too! Check with your tax accountant to see whether you need to file any state tax returns or make any payments.

All you need to do is: → Keep your tax documents organized and send them to me as soon as you receive them! → Have patience with me and my team. We're not ignoring you, just busy preparing tax returns! → Use the IRS website to track the status of your tax refund. → Don't wait until the last minute (and if you do, don't be upset that your return needs to be extended). BONUS: Keeping great records of income and expenses for your business gets you to the top of my favorites list!

It's probably costing you MORE money than it's saving you! Let me walk you through a typical DIY accounting scenario: Your tax accountant bases your tax return on the financial reports you give them... Messy accounts= missing out on tax deductions! It's not your tax accountant's fault, they can't know to write off your new custom website or subscriptions if they aren't recorded in your accounts. But let's go a level deeper into how DIY accounting is costing you... If you're spending 10+ hours a month doing your accounting, you're costing yourself almost 3 full work weeks NOT doing the thing you started your business to do! Ready to save time AND money? I'm here to help! ??

Need a finance crash course before you start your new business? ???? Grab my February freebie covering 5 finance concepts they *didn't* teach you in school! We're talking taxes, business structure, business bank accounts, and more... Here's the thing: you don't know what you don't know when you start a business! ?? Having someone in your corner who knows the ropes (like me! ??) can be a game-changer. ?? Comment "FREEBIE" and I'll send you your copy!?

If you have an existing business and want to elect to be treated as an S corporation for tax purposes, you need to file Form 2553 by March 17th, 2025.* Why would you want to do this? This tax classification can help you avoid double taxation on your earnings and minimize the self-employment taxes you pay. But, it’s not right for everyone! If you’re going to convert to an S corporation, you’re going to have to put owner-employees on payroll. This means using a payroll processor to run payroll on a regular basis and paying yourself a reasonable salary. S corporations are also required to file Form 1120-S each March. Before making this election, it’s important to work with a tax accountant to determine if any savings outweigh the additional administrative costs. ?? *This deadline applies if you're a calendar-year company. If you have a new company, you have two months and fifteen days from the start of your business's tax year to elect to be taxed as an S corporation.