Tax season is here and your favorite Detroit tax preparers don't want to miss any important deadlines!
Gaines Family Services can help you avoid costly penalties by preparing your taxes on time. With the introduction of new rules and regulations (IRS provides tax inflation adjustments for tax year 2022), it is important to ensure you are aware of all applicable deadlines. We want to help you get the most out of your tax return - so let us take the stress out of tax season for you.
Schedule an appointment today and let us help you file your taxes on time.
Gaines Family Services
Get your taxes done right with Gaines Family Services. We offer personal and business tax preparation to help you get the most out of your refund.
Change Encourages Business Growth
Filing your taxes can be confusing and stressful, especially if you're not sure what to do or where to start. The tax season is quickly approaching and if you're not prepared you could face some serious penalties.
Gaines Family Services can help. We offer tax preparation and planning services for individuals and businesses of all sizes. Contact us today to learn more about how we can help you file your taxes on time and avoid any costly penalties.
Deadline #1: 1/16/23 Estimated Quarterly Payments
The IRS requires individuals who anticipate owing more than $1,000 in taxes after deductions next year (or those whose current-year income exceeds $150K) must pay estimated quarterly taxes throughout the year instead of waiting until April 15th to make one lump sum payment.
Self-employed individuals at any level - sole proprietors, single-member LLCs, partnerships, or independent contractors - all need to keep an eye on their quarterly estimated tax payments due by January 16th. While those who have been paying throughout the quarters should make sure they don't forget about this fourth and final payment of 2022 coming up soon! For newcomers unfamiliar with calculating these taxes, there are several handy calculators out there that will help walk you through it – alternatively IRS Form 1040-ES is a useful reference point. And once determined how much needs to be paid simply visit the dedicated IRS webpage where you can take care of everything online!
Deadline #2: 1/31/23 Information Tax Returns Due
This year, make sure your business is up to date and compliant with required tax regulations by January 31, 2023. Businesses with employees will need to make sure they file two copies of Form W-2 — one sent directly to the IRS and another given directly to their employee (via mail or online).
Similarly, if you are an LLC, SCORP owner, or a business hiring independent contractors should provide a 1099 NEC/Miscellaneous form by this date as well - also requiring submission of a copy A & B — both ultimately submitted before 1/31. Don't miss out on your crucial document submissions!
QuickBooks for Business Help
Gaines Family Services has been in the business of tax services for over 25 years – and so they know a thing or two about filing forms! They recommend using QuickBooks’ payroll service to make this process as easy and efficient as possible. Following their experience using Quickbooks, Gaines Family Services encourages others to use it by clicking the affiliate link to QuickBooks below - giving Gaines Family Services credit for offering Quickbooks to you for signing up with them.
Deadline #3: 3/15/23 LLC Owners & S Corp Owners
Business owners who are part of partnerships, multi-member LLCs, and S Corporations have a strict deadline for submitting their information tax returns (Form 1065 & 1120S) to the Internal Revenue Service - March 15th 2023. It's important not to mistake this as when taxes must be paid but simply when these particular forms need to be filed before they can receive K-1 statements that share essential income details which then can inform further filing on personal tax reports in the following months.
As a single-member LLC, March 15th is an important day for filing any extension requests if more time is needed. While not all businesses will be subject to late-filing penalties, preparation and timely submission of documents can ensure avoiding unexpected costs or repercussions in the long run.
However, depending on your business structure and filing status (i.e., whether you chose a calendar year or fiscal year) this date may vary for some businesses. It is important to check with your CPA or tax advisor if you are unsure about what filing deadline applies to your business.
Deadline #4: 4/18/23 Standard Federal Income Tax Deadline for Individuals
April 18th is an important day for taxpayers in the United States, with both estimated quarterly payments and individual returns due on this date. This applies to a variety of taxpayers; W-2 employees receiving a W-2 form, business owners filing K1 forms or Partnerships/LLCs required to file 1099s are all expected to have their taxes ready by April 18th 2023. Even single-member LLCs who don't receive any forms must submit their Schedule C before then too.
For those owning C corporations, your date can be changed. C Corporations can strategically shift their tax payments by adjusting the physical years of operation. It is essential for business owners to maintain accurate bookkeeping records to determine revenue, qualified deductions, and net profits accurately when filing individual tax returns. Timely preparation is key as attempting this task too close to the deadline may result in missing it altogether - so make sure you have adequate time on your side!
Deadline #5: 6/15/23 Extension Request Deadline
You can get an automatic extension of time to file your tax return by filing Form 4868 electronically. You must complete this form before June 15, 2023. You'll receive an electronic acknowledgment once you complete the transaction. Keep it with your records to provide to your tax preparer. Don't mail in Form 4868 if you file electronically unless you're making a payment with a check or money order. If the extension is granted, you have until October 15, 2023.
Likewise extended state income tax deadlines also apply at this time – connect with Gaines Family Services regarding applicable dates and requirements related to extended state deadlines during Tax Season 2023 before this day to prepare properly for any potential penalties associated with late filings or payments due at this time.
Deadline #6: 6/15/23 & 9/15/23 Summer Quarterly Payments
Beat the summer quarter deadlines by staying ahead of your IRS payments. With two estimated payment dates looming, June 15th and September 15th 2023, now is a great time to get organized for the upcoming quarters!
Strategic Business Tax Planning
After filing taxes, it's essential to put in the extra effort of creating a tax plan for growth and development. This may include re-evaluating your business entity structure and looking into potential deductions or retirement plans that can benefit you come next tax season. Additionally, explore credits available specifically for businesses such as vehicle purchases or legal loopholes found in current legislation. Doing so will ensure optimal optimization that could minimize future liabilities while also helping you make headway toward achieving personal financial goals.
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What Happens If You File Your Taxes Late?
Filing and paying your taxes late can have costly consequences. Beyond the due date of payment, a penalty is issued in the form of interest- 0.5% per month until paid off. To illustrate this point: if you owe $1000 on tax liability each month will come with an additional cost of five dollars - up to 25 as a maximum amount for any given taxpayer.
Staying on top of taxes is a must - failing to file can incur hefty fees with the late filing penalty. For example, five percent interest per month applies for any un-paid owed amount; with no cap in sight, this could quickly add up if you owe $1K or more! While it's better to pay late than not at all, avoid penalties altogether by filing your tax return promptly and as required.
IRS Fresh Start
Have you been having difficulty paying your outstanding federal taxes? Fortunately, the IRS Fresh Start program for individuals and small businesses can provide a solution. Established in 2011 to help taxpayers dealing with financial hardships, this initiative has recently received an expansion of its flexible Offer-in-Compromise terms so that even more people may be able to quickly resolve their tax matters. Don't ignore your taxes, there are options to get it done.
Properly preparing for taxes can be stressful but understanding when certain deadlines apply can help alleviate some of that stress. Knowing these key dates will help ensure that taxpayers have ample time to make sure all necessary information is gathered to accurately complete their returns before any potentially costly penalties become applicable due to missed deadlines during Taxes Season 2023. Taking proactive steps now can save taxpayers a lot of headaches later on down the road!
IRS - Where's My Refund?
Check the status of your income tax refund for 2022, 2021, and 2020. If you e-file, allow 36 hours for your information to appear and 3 weeks to get your refund. If you mail your return, it will take longer.
Change Wrap Up
Even though it may seem early, now is the time to start preparing for your 2023 taxes. By taking proactive steps and understanding key dates and deadlines, you can help ensure a less stressful tax season. Gaines Family Services can help you maximize your refund and take care of all your tax needs. Contact us today to get started!
