Eclipses, Brackets, and Estimated Taxes You know how they call the NCAA basketball tournament March Madness? I’m coining the term April Absurdity for all of the tax craziness that’s happening on April 15th - TODAY - I'm hoping the absurdity of the month is behind you already! Here’s what needs to be filed/paid: Your individual tax return filing (Form 1040) and tax payment Your first quarter 2024 estimated tax payment Any calendar year corporate tax return filings (Form 1120) and tax payment...
5 months ago • 4 min read
It's Officially Time to Talk Taxes! Did you know that not everyone is required to file their taxes? Your filing requirement is based on factors like your gross income, age, dependent status, earned and unearned income, and how much you make if you're self-employed. You may be wondering why I’m telling you this... don’t I want you to file a tax return? YES! I want you to file a return because even if you aren’t technically required to file an individual tax return, there are several important...
6 months ago • 3 min read
It's Already February?! With one month down already this year, we're looking to stay on top of what 2024 has in store... and that includes some changes to LLC law that you'll find below! Business Ownership Information Beginning this year, if you own a small business, you're now required to submit Business Ownership Information (BOI) to FinCEN. FinCEN is like the IRS, but for financial reporting purposes. If you don't submit your BOI, you'll pay a hefty $500 per day penalty! If you opened an...
7 months ago • 3 min read
We wish you a Happy New Year! Please consider forwarding this information to a friend if you think they would find it useful. We appreciate you! New Year, New Tax Changes! I hope you enjoyed your time off for the holidays this year because we’re about to dive head-first into tax talk. Was your New Year’s Resolution to be more educated when it comes to taxes? Start with these IRS inflation adjustments: TAX BRACKETS: While tax rates have remained the same, the IRS has increased the income...
8 months ago • 2 min read
Newsletter:December 2023 Lookout Outlook It’s fa-la-la finally December! This time of year can be incredibly stressful... there's everything to contend with, from year-end closing (keep reading for a handy checklist) to navigating the holiday season... so I’m going to make sure this email gets straight to the point! If you don’t read anything else in this newsletter, read this! Two big bank holidays that fall on a Monday are quickly approaching: December 25th, 2023, and January 1, 2024. Make...
9 months ago • 2 min read
Newsletter:November 2023 Can you believe it’s already November?! Getting into the spirit of a month that’s all about thankfulness, I want to take a moment to express how grateful I am for each one of you! THANK YOU for your support of my small business. November is full of fun holidays, but one of my favorites is International Accounting Day! Keep an eye on my Instagram (@lktbook) for a behind-the-scenes journey on how I got to where I am today! Make Next Year’s Taxes Easy As Pie MAKE A LIST...
10 months ago • 2 min read
Newsletter:October 2023 Let's dive into this month's newsletter: It's Fall, Y'all! Can you believe we’re officially starting the fourth quarter of 2023?! Around the office at Lookout Bookkeeping, October brings prepping for the upcoming tax deadlines and the start of year-end planning. If you filed an extension for your Form 1040 or Form 1120 in April, taxes were filed on Monday, October 16th (unless you’ve received an extension by being in certain disaster zones). I'm thankful that is over!...
11 months ago • 2 min read