Month: April 2022

So – how did tax season go for you this year? 😬 🧘🏻‍♀️ Was it calm and organized … or stressful and panicked? ⏰ Did you file with plenty of time to spare … or were you rushing and scrambling until the very last minute? We know, we know… You always start the year with good intentions, but life happens and before you know it – BOOM! 💥 It’s tax season and all your good intentions to be prepared and ready for tax season flew out the window faster than a fly on the window confused about how to get back outside.🦟

❌ This wasn’t the plan, right?

😫 Don’t beat yourself up, we are here this week to encourage you for next year!

👩 You’re a responsible grown-up and you had a responsible grown-up plan for handling your finances this year.

*Especially* after how stressful your taxes were last year (remember that?)

📆 Last year – you procrastinated until the last minute, and it was *terrible*!

📆 Last year – you swore it was going to be different this year.

📆 Last year – you promised you’d schedule the time and keep on top of your finances every month.

Are you still scrambling to finish up your taxes on time? 😬 or did you file for an extension? In your rush to file on time – make sure that you don’t make one of these common (and easily avoidable) mistakes! First – here are some of the documents and information you’ll need: ☑️ Last year’s tax return ☑️ Your social security card and official business docs ☑️ All your tax documents from 2021 ☑️ Your bank account information. Now grab your tax return for this year and double-check these 7 common mistakes:

(𝟭) 𝗜𝘀 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝘀𝗽𝗲𝗹𝗹𝗲𝗱 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗹𝘆?

(𝟮) 𝗗𝗼 𝗮𝗹𝗹 𝘁𝗵𝗲 𝗻𝘂𝗺𝗯𝗲𝗿𝘀 𝗺𝗮𝘁𝗰𝗵?

Make sure your numbers on your tax return match the numbers on your 2021 tax documents

(𝟯) 𝗔𝗿𝗲 𝗮𝗹𝗹 𝗺𝘆 𝗜𝗗 𝗻𝘂𝗺𝗯𝗲𝗿𝘀 𝘄𝗿𝗶𝘁𝘁𝗲𝗻 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗹𝘆?

Think SSN, bank account numbers, etc.

Do you remember pulling all-nighter study sessions back in school? 🌛(We’re guessing you probably did – at least once. 😜) Take a minute to remember how that felt: 😬 At the beginning of the semester, you probably had every intention of keeping up with the homework and making up any lectures you missed. 😬 But you missed one lecture when you were sick – and then 1 turned into 3, and 2 missed assignments became 4 … 😬 Then you get to finals weeks, and you somehow only have notes from the 1st and 6th week of the class (where on earth did the rest of those notes go??) 😬 And now you’re trying to cram a semester’s worth of lectures, reading,s and notes into one very (VERY) long night of stressed-out studying. And, by the time you walk into the classroom to take that final test, you’re just praying your score is high enough to keep you from failing the class altogether. And then, as soon as the test was over, you’d stumble home exhausted and sleep for 18 hours 😴 And you SWEAR that next time, you’ll do it differently

… Buttttt then you repeat the same cycle of last-minute cramming all over again the following semester

Feeling the crunch and thinking of filing an extension for your business taxes? ⏰ Here’s what you need to know 👉 𝗪𝗛𝗔𝗧’𝗦 𝗧𝗛𝗘 𝗗𝗨𝗘 𝗗𝗔𝗧𝗘 𝗙𝗢𝗥 𝗙𝗜𝗟𝗜𝗡𝗚 𝗧𝗛𝗘 𝗘𝗫𝗧𝗘𝗡𝗦𝗜𝗢𝗡? April 18th, 2022 – which will then give you until October 17th, 2022 to file your taxes. (However, keep in mind – your 𝙥𝙖𝙮𝙢𝙚𝙣𝙩 is still due April 18th, even if you extend your 𝙛𝙞𝙡𝙞𝙣𝙜 deadline) 👉 𝗪𝗛𝗔𝗧 𝗙𝗢𝗥𝗠(𝗦) 𝗗𝗢 𝗜 𝗡𝗘𝗘𝗗? IRS Form 4868 if you’re self-employed or a sole proprietor. If you’re a partnership, S-Corp or C-Corp, you’ll need IRS Form 7004. 👉 𝗛𝗢𝗪 𝗗𝗢 𝗜 𝗙𝗜𝗟𝗘 𝗜𝗧? You can file the extension electronically or by mail. You can file electronically through the IRS payment portal (it’s free) and through most tax software tools. But, if you file by mail, make sure you have documentation/proof of the date that you sent the form. 😉

👉 𝗛𝗢𝗪 𝗗𝗢𝗘𝗦 𝗙𝗜𝗟𝗜𝗡𝗚 𝗙𝗢𝗥 𝗔𝗡 𝗘𝗫𝗧𝗘𝗡𝗦𝗜𝗢𝗡 𝗔𝗙𝗙𝗘𝗖𝗧 𝗠𝗬 𝗧𝗔𝗫 𝗣𝗔𝗬𝗠𝗘𝗡𝗧?

Even if you file for an extension, your tax 𝙥𝙖𝙮𝙢𝙚𝙣𝙩 is still due April 18th, even if you extend your 𝙛𝙞𝙡𝙞𝙣𝙜 deadline to October. Try to estimate as close as you can to the amount of taxes you have due, and make sure to pay it by April 18th to avoid late payment fees and interest.