Did you take a pass on the April 15th deadline last spring and file a six-month extension with the IRS? If so, your new deadline is fast approaching. All personal income tax returns on extension will be due on Thursday, October 15th.
Remember that the IRS has given you an extension of time to file, but not an extension of time to pay. If your final return shows taxes due, be prepared for some interest and penalties for sitting on those taxes an extra six months!
If you’re self-employed, the IRS will expect you to have sent in your taxes through quarterly estimated tax payments throughout the year. If you need help remembering those quarterly due dates, sign up for my quarterly email newsletter. This newsletter is specifically targeted to self-employed business owners who have to send in quarterly estimated tax payments. It comes out four times a year, just before each of the quarterly tax due dates. In addition to a reminder to send in your estimates, it includes a short article regarding small business taxes.
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.