The tax season updates you need!
How we feel about waiting until February 12th to file taxes
WHEN did it become February!?
February means Valentine’s Day, the first day of tax filing (February 12th!), and all sorts of excitement!
We have lots of updates regarding how to work with us this year, so be sure to read the entire email before reaching out to us with your questions.
Without further ado…
How to send us your documents
While we appreciate everyone being diligent about getting us your documents, please be sure that you add all your tax-related documents to your Google Drive folder, then email us when everything is ready. Do not email us your tax-related documents. This helps our team keep everything streamlined, thus getting your taxes done more efficiently!
What we need to do your tax prep
If you are wondering if all your documents are uploaded and ready to go, you can refer to this checklist. Things to consider uploading or giving us access to are:
Your QBO or other bookkeeping accounts, which may also include:
- Total up your home office expenses by category* (rent, electric, gas, cable/internet, HOA fees, property tax, property insurance…)
- Total up the mileage you’ve driven for your business
- Track down & total up your additional business expenses that might have been paid with personal accounts (cell phone bills, subscriptions, health insurance premiums)
- If you took unemployment this year, it is considered taxable income and you will need to send us your 1099-G, which can be found by logging in to your unemployment account and downloading a copy. Most states will also send this by mail.
*As a friendly reminder, we do not need to see your receipts, invoices, statements, or other proof of expenses, just the totals of each category. For example, we don’t need your Staples receipt, we only need to know how much you spent on office supplies 🙂
When we get excited about deductions and other opportunities, and you’re just like…
Have other questions about taxes?
We always LOVE seeing you in our 1:1’s, but before you schedule a whole 30-minute conversation with us…
We’re hosting an AMA!
Additionally, we’ll save the answers to all your tax questions in our highlights, so you’ll be able to refer back to commonly asked questions and answers later!
The AMA is not limited to clients, so feel free to tag your friends or ask questions on others’ behalf! No question is too broad or too specific 🙂
Filing for an S-corp this year?
The deadline for S-corps and partnerships to file is March 15th. A 6-month extension can be filed if you need extra time to file.
For Illinois S-corps, an estimated payment for replacement tax will need to be paid at the time the extension is filed to avoid incurring late payment penalties.
We’re excited to work with you!
Happy early Valentine’s Day, Bloom Family!
If you’ve made it this far, let this serve as your reminder that next Saturday is Valentine’s Day, and that yes, you should buy yourself flowers 🙂
Much love from all of us here at Bloom,