A note from the depths of tax season
Did someone say ‘tax season’?
Ah, sweet March!
It’s here! The Thursday of months! Not quite summer, but definitely a signal for us northerners that we’ve survived the worst of winter.
No matter where you live, happy March!
Here at Bloom, we’re tying bows on tax returns every day and sending them off to the IRS and state taxing authorities. This means that we’re super busy, and therefore only have a few updates for you this month.
So, here’s what you need to know:
You likely saw an email a couple of weeks ago about getting us your business tax docs before March 1st. If you have not yet sent us all your tax documents, do not worry!
Of course, we will still prepare your business tax returns this year – it’s just that there is a good chance it won’t be finished by the March 15th filing deadline. Please continue to send us your tax documents. We will do our best to prepare and file your business returns ASAP.
If we receive your business tax documents before March 15th but are not able to prepare them in time, we will notify you and automatically file a 6-month extension. If you can’t get us your business tax documents before March 15th, that’s ok too! We’ll still file a 6-month extension for you. This is a complimentary service we provide our clients.
Note: by “business tax return” we mean those of you who file an S-Corp return that is separate from your personal tax return.
Also, we usually prefer to prepare both your business and personal tax returns back to back. However, in order to get as many business tax returns filed as possible by March 15th, we are focusing mostly on business tax prep until then. We will transition to preparing personal tax returns after the 15th.
If we only prepare a personal tax return for you, please try to have your tax documents to us by April 1st so we can file by the April 15th deadline. Otherwise, we will most likely be filing a complimentary 6-month extension for you.
We really, really appreciate your patience with us this year! With the start of tax season being so incredibly delayed (nearly 3 weeks later than normal), it has really hindered the pace at which we can prepare returns. Please know we’re moving as quickly as we can to provide the best service with the most accurate and optimal results as possible!
Are you missing our emails?
This might seem like a rhetorical question, especially if you’re receiving this email.
However, we’ve heard from a lot of folks recently that our emails are not being received because they’re going to spam or junk automatically. You can learn how to ‘white list’ our email and others by watching this video.
We recommend whitelisting our email address, even if things have gone to your inbox so far. And if you haven’t heard from us in a while and have been waiting for a response…check your spam folder or send us a quick email.
Anxiously awaiting PPP news
Entrepreneurs and Solopreneurs PPP Guide
This is super exciting!
The new presidential administration is aiming to make the $284.5 billion forgivable loan program more equitable and accessible to the smallest businesses.
AKA – the people that we work with!
According to Inc.com, sole proprietors, independent contractors, and self-employed individuals may apply for a PPP loan equivalent to the figure listed on line 7 of their Schedule C tax form–that is, their gross income. Previously, businesses needed to list their net income, or line 31 on the form, which results in a lower PPP loan calculation.
To apply for a PPP loan, contact your bank or the institution that you worked with on your first-round PPP loan. If you did not take the first-round loan, you can apply for one back to back with round 2!
Ok, break’s over, back to tax prep!
Alright, we are going to get back to work!
If you have questions regarding your tax returns, PPP loans, or anything else, please feel free to email us. However, please be aware that we have made a commitment to those who got us their tax documents before March 1st to file before the deadline on the 15th and are very heads down. Therefore, please allow us a couple of extra days to get back to you.
Talk to you soon,