Private Practice Accounting Blog

18

Mar

Taxes

Updates: Tax payments are Extended

Update to yesterdays information Guidance has been issued today on an extension for the date you need to PAY your taxes until July 15th. This is for tax payments for 2019 along with Q1 2020 estimated tax payments due 4/15/2020. A link to the guidance is here. This is not an automatic extension for your tax filing, only the payment of taxes. What does this change? You have more time to pay your taxes. We still need to file your taxes by 4/15/2020 or file an extension. We are working on extensions this week for folks who got us your…

Taxes, Tax Season and Coronavirus

So much has changed in 3 weeks: Social distancing, talk of extending the tax deadline and more cases of Coronavirus. What does that mean for you and your taxes? Right now while there has been talk of automatic tax extension, no guidance has been issued. Until guidance has been issued from the IRS we are operating under the normal due dates. If they issue guidance for an automatic extension that will change and we will let you know. The Daily Briefing Press Conference today on 3/17/2020 mentioned that you should still file your extension and more than likely you can…

Top Do-It-Yourself Bookkeeping Mistakes to Avoid

https://youtu.be/AaWwjslzBhQ When you first start a small business, it might not make sense to hire an outside bookkeeper right away, especially if you’re running a solo service business. Think of a solo therapist for example. There might be office rent and a supply purchase every month. You will probably have recurring software expenses and continuing education to purchase. Throw in utilities and insurance, plus hopefully some owner’s distributions to keep food on your table, and that might pretty much be the extent of your books. But it’s still a good idea to hire a trained eye to review your…