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Venice Tax & Accounting, Playa del Rey, CA (2026)

09/03/2025

The Truth Behind Common Tax Myths

Tax myths can spread quickly, leading to costly mistakes or missed opportunities. Here are several common tax myths along with best practices to help you stay grounded in reality.

Myth: Moving into a higher tax bracket means you’ll take home less money

Reality:
The U.S. tax system is progressive, meaning your income is taxed in layers. There are currently 7 different layers, with tax rates ranging from 10% to 37%. When you enter a higher tax bracket, only the portion of income above the bracket threshold gets taxed at the higher rate, not your entire income.

Best Practice:
Know your marginal tax rate! This is the tax rate of the next dollar you earn. By understanding this you can do your own calculations on the impact of any additional income you earn.

Myth:
Getting a tax refund means you did something right.
Reality: A tax refund means you overpaid your taxes. It’s your money, coming back to you – without interest. Getting a big refund might feel great, but from a cash flow perspective, you’re better off adjusting your withholding so you keep more of your paycheck each month.

Best Practice:
Review last year's tax return, then update the numbers to reflect your situation for the current year. Factor in the latest changes such as tax-free tips, tax-free overtime, and increased standard deductions, including the new $6,000 deduction for seniors. Once you’ve made these adjustments, revisit your paycheck withholdings to make sure they’re on track.

Myth:
You can deduct all your expenses if you’re self-employed.
Reality: Not quite. While being self-employed certainly opens up more deduction opportunities, not every expense qualifies. Only ordinary and necessary business expenses can be deducted. That family trip overseas doesn’t qualify unless it was genuinely work-related (and even then, only parts of it might qualify).

Best Practice: Set up a dedicated business bank account to handle all income and expenses related to your work. Then establish a regular schedule to transfer funds into your personal account for all non-business spending. And don't commingle funds with your personal expenses. The IRS may be quick to throw out ALL expenses if they see this occurring.

Myth: You don’t have to report income if you didn’t receive a Form 1099.

Reality:
If you earn money, the IRS expects to hear about it, regardless of whether you received a Form 1099. Many people assume that if a client or gig platform doesn’t send you a 1099, then that income doesn’t need to be reported on your tax return. But that’s not how it works. The tax code requires you to report all income, no matter how it’s documented – or if it’s not documented at all.

Best Practice:
Keep a list of past 1099s to help you remember which clients or platforms have paid you before, and to double-check if you earned income from them again this year.

09/03/2025

From Sole Proprietor to S-Corp: Consider a Switch

As a freelancer or contractor, at some point you may wish to incorporate and be taxed as an S corporation. Here’s a closer look at the process of becoming an S corporation and when switching might make sense for you.

The main benefits of S corporations
Self-employment tax savings. As a sole proprietor, you’re required to pay a 15.3% self-employment tax (which includes Social Security and Medicare) on your entire income. However, with an S corporation, you can split your income into two parts: a reasonable salary (which is subject to Social Security and Medicare taxes) and distributions (which are subject to income taxes but not Social Security and Medicare taxes).

Pass-through taxation.
Similar to sole proprietorships, S corporations are considered pass-through entities. This means that the business itself doesn’t pay income taxes. Instead, profits and losses pass through the business to the owner’s personal tax return. Profits of a C corporation, on the other hand, are taxed twice – once at the entity level, and again on the owner’s tax return.

Legal protection.
If there is a risk of possible legal action, an S corporation can potentially help protect your personal assets from your business assets. For example, this can be especially helpful if you are in the contractor trade and the customer makes a claim against the fulfillment of your contract.

While transitioning from a sole proprietor to an S corporation can certainly result in significant tax savings, there are a few trade-offs to consider.

Trade-offs to consider
Most of the trade-offs are centered around administrative requirements and potential costs. These include:

Running payroll. Even if you’re the only employee, you’ll need to set up payroll and withhold taxes. Many business owners use a payroll service to handle this.

Separate tax filing. Your business will now need to file a Form 1120-S tax return with a March 15th due date in addition to your personal tax return.

Accountants or bookkeepers are typically used. Most S corporation owners work with professionals to handle bookkeeping and tax filings.

Reasonable salary requirement. The IRS expects owners to pay themselves a fair market wage. Underpaying yourself to avoid taxes can lead to penalties.

State-level requirements. Some states have minimum franchise taxes or annual fees for corporations and LLCs, regardless of income.

When it makes sense to switch
Switching to an S corp generally becomes worth considering when your net income (after expenses) is in the range of $75,000 to $100,000 or more per year.

Here’s an example:
Assume you earn $120,000 in net income as a consultant.

As a sole proprietor, you’d pay self-employment tax on the full amount, about $18,000.
As an S corp, if you pay yourself a reasonable salary of $60,000, you’d only pay payroll taxes on that amount, roughly $9,200. The remaining $60,000 in profit would be subject to income taxes but not payroll taxes.
That’s a potential tax savings of nearly $9,000 per year.

Switching from a sole proprietor to S corp can offer real tax advantages, but it’s not a one-size-fits-all solution. It's usually best practice to review your situation once per year to ensure your business is organized properly.

08/07/2025

New Tax Law Lightens Compliance for Small Businesses

The One Big Beautiful Bill Act of 2025 (OBBBA) expands several business tax benefits while easing certain compliance obligations. Here's a summary of the key provisions affecting small businesses.

Form 1099. The reporting threshold for Form 1099-NEC and 1099-MISC moves from $600 to $2,000 after December 31, 2025. This threshold is to be indexed for inflation starting in 2027.

Tax Planning Tips: Be prepared to update your accounting software to track vendor payments against the $2,000 threshold. This avoids unnecessary 1099 preparation and aligns with the new requirement. And while the reporting threshold is now higher, it's still a good idea to collect W-9 forms from all vendors and contractors before issuing payments. This ensures you're prepared in case payments exceed the threshold.

Form 1099-K. The $600 reporting threshold scheduled to go into effect in 2026 is rolled back to the old threshold of $20,000, along with the dual requirement of 200 or more transactions.

Tax Planning Tips: Don't rely solely on receiving a 1099-K to report income. Many businesses won't meet the new reporting threshold but are still legally required to report every dollar earned. If your transaction count is high, however, be aware of how quickly you might approach the 200 transaction mark. Also consider labeling business and personal accounts separately on platforms like Venmo and PayPal. Mixing funds could cause reporting errors, especially as platforms enhance their 1099-K tracking capabilities.

Qualified Business Income (QBI) deduction. The QBI deduction of 20% is now permanent. There's also a minimum deduction of $400 for taxpayers who have at least $1,000 of qualified business income.

Tax Planning Tip: Most independent contractors and gig workers who receive Form 1099 are eligible for the QBI deduction. However, if your business is classified as an Specified Service Trade or Business (businesses in health, law, accounting, financial services and others) this tax break begins to phase out when your income exceeds $197,300 (single) or $394,600 (married) in 2025.

Section 179 deduction and bonus depreciation. Businesses can use the Section 179 deduction to write off up to $2.5 million of qualifying property in 2025, up from $1.25 million under the previous law. If you'd rather use bonus depreciation, the ability to write off 100% of qualified property is reinstated as of January 19, 2025 through the end of 2029.

Tax Planning Tips: Businesses can often use both Section 179 and bonus deductions in the same year. Section 179 is generally applied first, followed by bonus depreciation for any remaining balance. But remember, this deduction only relates to the timing of the deduction, not the total amount of the deduction.
These are some of the new tax bill's provisions that will affect most businesses across the U.S. Please call to discuss these and other provisions from the new tax bill that may affect your business.

08/07/2025

What the New Tax Bill Means for Parents

Deductions, credits and more

The One Big Beautiful Bill Act of 2025 (OBBBA) contains a number of tax breaks for parents. Here's a summary of what's in the bill for families, including planning tips to make the most of each tax break.

Parents get a permanent increase to the child tax credit. The child tax credit increases to $2,200 (up from $2,000) and is now permanent. The refundable portion stays at $1,700, with future adjustments tied to inflation.

Planning Tip: If your adjusted gross income will approach $200,000 (single) or $400,000 (married), look for ways to reduce your income to avoid phasing out the credit. Strategies like contributing more to retirement accounts, health savings accounts, or flexible spending accounts can help keep you below the limit and maintain your eligibility for the full credit.

Student loan cancellation is tax-free. Forgiveness of student loans due to death or permanent disability is now permanently excluded from taxable income.

Planning Tip: Review disability paperwork for accuracy and ensure it is completed and submitted through the appropriate loan service office or the Department of Education’s Total and Permanent Disability discharge process. If you're a parent borrower (such as with a PLUS loan), consider including this tax benefit in your estate or disability planning discussions.

Adoption tax credit. $5,000 of the $17,280 adoption tax credit in 2025 is now refundable, even for families with little or no income tax liability.

Planning Tip: To take full advantage of the non-refundable portion of the credit (up to $12,280), you'll need to have a tax liability. Consider delaying certain deductions or, if possible, shifting taxable income into the year you claim the credit so you can take advantage of the non-refundable portion of the credit. But remember that the credit starts to phase out at $259,190 of income.

Trump accounts. Each child born between January 1, 2025, and December 31, 2028, will receive a $1,000 tax-advantaged investment account at birth. Parents, grandparents, and qualified organizations can contribute up to $5,000 per year, until the year before the child turns 18. Funds can be withdrawn starting the year the child turns 18.

Planning Tip: There are still many unanswered questions about this new account and its related tax break. There are also other, and potentially better, options to save for your child, including Roth IRAs. So while we wait for more clarification, consider using alternative tax-free or tax-advantaged accounts for your child.

529 Education Plans. The annual limit for K–12 tuition withdrawals doubles to $20,000 per student beginning in 2026. These funds can now also cover books, tutoring, online materials, home school costs, and educational therapies for children with disabilities. 529s can also be used for post-secondary teaching certifications and trade programs.

Planning Tip: While contributions to a 529 plan aren’t deductible on your federal tax return, you can front-load up to five years’ worth of the annual gift tax exclusion into a single year. The 2025 exclusion is $19,000, so you can contribute up to $95,000 (5 x $19,000) to a 529 plan per beneficiary (up to $190,000 if married).

08/07/2025

Two new major tax changes, No Tax on Tips & No Tax on Overtime, are introduced in the One Big Beautiful Bill Act (OBBBA) passed on July 4, 2025. Here's what you need to know about these two tax breaks, along with questions that still need answered before filing your 2025 tax return.

How much you can deduct

Tip and Overtime Tax Breaks Require Your Attention imageNo Tax on Tips. You can deduct up to $25,000 in qualified tips from your federal taxable income. The deduction phases out above $150,000 ($300,000 for joint filers).

No Tax on Overtime. Up to $12,500 in qualified overtime pay can be deducted from your taxable income ($25,000 for those filing jointly). The deduction also phases out over $150,000 ($300,000 for joint filers).

Who qualifies
Obvious jobs such as servers and bartenders will likely qualify to deduct their tips. But there are plenty of other occupations who frequently or occasionally receives tips. The IRS is mandated to provide a more detailed list of what tips will qualify. Until this is done, there will be some uncertainty.

Regarding overtime, the tax bill uses the Department of Labor's definition of working beyond 40 hours in a single workweek for non-exempt employees. The deduction only applies to the overtime portion of the pay (the one-half of time-and-a-half). But there's still some gray areas. For example, what happens if a worker is compensated via a bonus or comp time instead of an hourly wage?

Reporting is key

Employers are required to separately report qualified tips and qualified overtime on an employee's Form W-2 or a contractor's Form 1099. The problem is that 1099s do not currently have a spot to report tips (the W-2 currently has a box for allocated tips), while both W-2s and 1099s don't have a spot to report overtime.

There's also withholding questions. While there's a tax break for tips and overtime up to a certain dollar amount, this only applies to federal income taxes. Tips and overtime are still subject to other taxes, including Social Security, Medicare, and state income taxes. Employers will have to distinguish between income that's fully taxable, and income that's only subject to Social Security, Medicare, and other taxes.

2025 is a transition year
The OBBBA addresses some of this uncertainty by allowing 2025 to be a transition year before the tax-free income must be reported on reformatted W-2s and 1099s. And it's a good thing because the 2025 format is already approved and been provided to printers and software companies.

More details to come
The IRS is mandated within the OBBBA to come up with what it will accept as proof of your 2025 earnings. Until that guidance is published you should:

Immediately compile your overtime and tip income from the beginning of the year.
Retain any documentation that can prove the amount you are going to claim.
Review your pay stubs to see if tip and overtime income is tracked separately from your normal earnings. If so, you may have what you need. If not, contact your employer immediately and ask what they are planning to do to provide proper documentation.
The IRS says it will publish more guidance by mid- to late October. So stay tuned as these and other questions will hopefully be answered long before you must file your 2025 tax return.

07/03/2025

What everyone is wondering

Here are several of the most common tax questions and their answers. But like most things, there can be exceptions, so if in doubt always ask for help.

Common Tax Questions:

What happens to a loan if it's forgiven?
The IRS generally considers the canceled amount as taxable income, unless an exception applies. This means you may have to report the forgiven debt on your tax return and pay income taxes on it. Lenders typically issue a Form 1099-C for canceled debts, which you must include on your tax return.

Does my child need to report cash earned from a lemonade stand? Yes, the cash your child earned for helping a neighbor is taxable. The IRS doesn't care if it came from mowing lawns, babysitting, or lemonade stands, earned income is earned income. Your child may not end up owing any income taxes, though, thanks to the single taxpayer standard deduction of $15,000 in 2025. But they'll still be on the hook for Social Security and Medicare taxes.

Are my rewards earned on a credit card taxable?
Taxation of any extras you earn with a credit card – including miles, discounts, even cash back – are not taxable if you had to pay to get them. Other rewards that you receive, for example a reward for signing up for a card or for referring a new cardholder, are considered taxable income per the IRS.

Does my employer contribution count towards the 401(k) limit? Your employer’s matching contributions do not count toward your maximum contribution limit, which for this year is $23,500. If you’re 50 or older, you can sock away an additional $7,500 (for a total of $31,000) this year.

What happens to loans from my retirement account if I change jobs?
When you switch jobs, you must pay back any loans borrowed from your employer-sponsored retirement account within a short amount of time. If the loan isn't paid back, the outstanding balance is considered a distribution that is subject to income taxes and an early withdrawal penalty.

Do I really need to report gifts given to people?
Yes, but only if you give more than $19,000 ($38,000 if married) in 2025 to any one person. It must be reported to the IRS on a gift tax return. That's because the IRS keeps track of gifts you're allowed to make over the course of your lifetime, which in 2025 is $13,990,000 ($27,980,000 if married). Only after reaching this lifetime dollar amount will you need to actually make a gift tax payment.

Do I have to report a loss?
You may think the IRS isn't interested in losses you incur, such as when you sell a stock at a loss or if your business loses money. The reality is that you should always report losses on your tax return because you can use them to offset income under certain conditions. In addition, most losses can be carried forward to future years to offset income.

05/07/2025

Estate Planning: Tips for Every Family

If juggling priorities were an Olympic sport, young parents would win the gold medal. Raising kids, advancing careers, paying off student loans, and saving for a home is a lot. All this makes estate planning feel like a tomorrow problem.

But estate planning puts you in charge of your family’s financial future if the unexpected happens.

Here are three ways you can protect your family's future by starting your estate planning today.

Protect your current income
Your current income is the fuel that keeps your household going. Here are several ideas to protect your earnings:

Minimize tax liabilities using tools such as trusts or family limited partnerships can shield assets from estate or capital gains taxes.
Protect against lawsuits and creditors by structuring ownership through legal entities or trusts. These separate legal entities can make it harder for lawsuits or creditors to reach your personal income or business revenue.
Ensure income continuity if incapacitated. With powers of attorney and living trusts in place, you can tap someone you trust to manage your income and financial affairs if you're unable to do so.
Protect your future income
Estate planning isn’t just about distributing assets—it’s a proactive way to secure financial stability down the road. Here are several ideas to protect your future income.

Preserve wealth using tax planning strategies. Trusts, retirement accounts, and gift giving can minimize your future estate and income taxes, helping you retain more of your earnings over time.
Safeguard business and investment income. Planning for succession or setting up buy-sell agreements ensures that income from businesses or investments can continue in the future, even after death or incapacity.
Provide long-term control over assets. Set specific terms in wills or trusts to dictate how and when income-generating assets are used. This can protect them from mismanagement or being wasted in short order.
Protect your children
Estate planning isn't just about money – it's also about protecting your kids if something happens to you. Here are several ways to protect your children.

Ensure guardianship. If you pass away or become incapacitated, a will lets you name who should raise your children. Without this, the decision goes to the courts, and a judge will choose a guardian. Naming someone in your estate plan ensures your children are raised by someone you trust, in a stable and familiar environment.
Control their inheritance. A well-structured estate plan allows you to manage how and when your children receive their inheritance. For example, you can create a trust and decide when to distribute money and for what purposes, such as education, health care, or buying a home.
Minimize conflict. When your wishes are clearly written in legal documents, it leaves less room for disagreements among family members. This can help prevent costly legal battles or emotional fights over who should care for the kids or how money should be used.

05/07/2025

Time to Start Your Tax Planning

Lowering your tax bill next year works best as a planned event. So if you are interested in breathing a sigh of relief come next April, consider a review of these four areas as you create and implement your tax plan for 2025.

#1 – Your Home
Your home can create unexpected tax liabilities. Property value appreciation, home improvements, and refinancing your mortgage influence how much tax you pay.

When your home's value increases substantially, you might pay higher property taxes. Selling a home can also lead to capital gains taxes if you've lived in the property for less than two years or exceed the home sale exclusion amounts.

Tax Planning Tips for Your Home:

Get a professional property assessment to ensure you're not overpaying property taxes. If so, know your location's time frame and process to amend your property's value in their formula.
Consider timing home improvements to manage potential tax consequences by being smart about when assessments are applied in your location's property value.
If selling, understand capital gains exclusion rules ($250,000 for single taxpayers, $500,000 for married couples)
#2 – Your Investments
Review your refinance closing disclosure to identify deductible mortgage points or fees

Investment income can impact your tax bill. Capital gains, dividend distributions, and frequent trading can all cause tax consequences.

Different investments also face different tax rates: Short-term capital gains get taxed at higher ordinary income rates and long-term gains typically receive more favorable treatment.

Tax Planning Tips for Your Investments:

Implement tax-loss harvesting to offset capital gains
Hold investments for more than a year to qualify for long-term capital gains rates
Consider tax-efficient investments like index funds or ETFs
Maximize contributions to tax-advantaged accounts like 401(k)s and IRAs
#3 – Your Retirement
Retirement accounts offer financial opportunities. But they can also cause tax pitfalls. Required minimum distributions (RMDs), early withdrawal penalties, and the tax treatment of different retirement account types influence your tax bill.

Tax Planning Tips for Your Retirement Accounts:

Understand RMD rules and plan withdrawals strategically. Sometimes the most cost-effective plan withdrawals occur long before the RMD rules come into play!
Consider tax-efficient Roth conversions to manage future tax liability
Maximize health savings account (HSA) contributions as an additional retirement account
Explore catch-up contributions if you're age 50 or older
#4 – Your Life Events
Major life changes can dramatically change your tax situation. Marriage, divorce, having children, changing jobs, or experiencing significant income shifts can all reshape your tax liability.

Tax Planning Tips for Life Changes:

Reassess your filing status as life changes may affect your tax bracket and deductions
Track new deductions and credits as life events like adoption or education expenses may qualify for specific tax breaks
Understand the age triggers built into the tax code and plan accordingly. This is especially important to understand as your children get older.

04/12/2025

The IRS on Friday, January 10, 2025, extended tax payment and filing deadlines to October 15, 2025, for Los Angeles County individuals and businesses because of the recent fires. The California Governor’s office followed suit on Saturday, January 11, 2025. The extensions cover most tax returns and payments normally due (initially or with extension) from Tuesday, January 7, 2025, (Day One of the County-wide windstorm which breathed the fires) to Wednesday, October 15, 2025, including:

2024 quarterly estimated income tax payments due Wednesday, January 15, 2025, and 2025 quarterly estimated tax payments normally due April 15, June 16 and September 15, 2025;
individual income tax returns and payments due April 15, 2025;
calendar-year partnership, LLC and S corporation returns due March 17, 2025;
calendar-year C corporation and fiduciary returns and payments due April 15, 2025; and
calendar-year exempt organization returns due May 15, 2025.
Taxpayers with an address in LA County (not just fire or evac zones) automatically qualify for relief. Under the IRS rules, taxpayers with an address outside LA County whose records are in the County (for example, those with CPAs in LA County) also qualify for relief but need to contact the IRS disaster hotline at 866.562.5227 to obtain that relief. California probably will conform to the federal extension in the case where the IRS hotline agrees to extend a due date (though the Governor’s announcement does not expressly say that)

04/02/2025

Annual Tax Quiz - Quirky Tax Facts!

From quirky tax laws to surprising deductions, this fun 10-question multiple choice quiz will test your knowledge about interesting tax facts from here and around the world. Let’s see how you do—answers are at the end!

1. Given our British origins, let's start with a fun English tax fact. What was taxed in England during the 17th century, resulting in an abundance of bald heads?

A. Hats
B. Hair powder
C. Wigs
D. Shampoo

Answer: C - Wigs
In 1795, England taxed wig powder, causing many to stop wearing wigs altogether.

2. Which U.S. president introduced the first federal income tax?

A. Abraham Lincoln
B. George Washington
C. Franklin D. Roosevelt
D. Theodore Roosevelt

Answer: A - Abraham Lincoln
The first federal income tax was introduced in 1861 to fund the Civil War. As promised, after the war ended, so too did the income tax, only to be re-introduced in the early 1900s.

3. What strange item did the IRS allow a bodybuilder to deduct as a business expense?

A. Body oil
B. Protein shakes
C. Tanning lotion
D. Ostrich eggs

Answer: A - Body oil
The IRS allowed a bodybuilder to deduct body oil as it was deemed ordinary and necessary for his competitions.

4. In which country was a window tax imposed, leading to bricked-up windows in older buildings?

A. France
B. England
C. Germany
D. Italy

Answer: B - England
The window tax was introduced in 1696, with many homeowners bricking up their windows to avoid the tax.

5. What is the nickname for the U.S. tax system due to its progressive nature?

A. Robin Hood Tax System
B. Pay-As-You-Go
C. Tax the Rich System
D. The Graduated Tax

Answer: D - The Graduated Tax
The U.S. tax system is called graduated because rates increase with income levels. It is also known as a progressive tax system.

6. What popular children’s activity was taxed in Arkansas in 1990, sparking outrage?

A. Playgrounds
B. Hula hoops
C. Swing sets
D. Clown shows

Answer: B - Hula hoops
Arkansas briefly taxed hula hoops in 1990, considering them a recreational activity.

7. Which of the following pets were successfully deducted as a business expense?

A. A cat used for pest control in a junkyard
B. A dog trained to sniff out counterfeit money
C. A parrot that served as an office greeter
D. A goldfish for calming customers

Answer: A - A cat used for pest control
A junkyard owner successfully deducted a cat’s care as a business expense.

8. What is the origin of the word tax?

A. It comes from the Latin word taxo, meaning I evaluate.
B. It derives from Old French taxer, meaning to split.
C. It originates from Greek, meaning to take.
D. It stems from the ancient Sanskrit word for tribute.

Answer: A
It comes from the Latin word taxo, meaning I evaluate.

9. In 2013, which country imposed a tax on people with tattoos in a drive to regulate body art?

A. South Korea
B. Hungary
C. Japan
D. Australia

Answer: B - Hungary

Hungary introduced a tax on tattoos and piercings as part of a health-related initiative.

10. What unusual tax was levied by Roman Emperor Vespasian in 70 AD to raise funds for public works?

A. A beard tax
B. A urine tax
C. A laughter tax
D. A sandal tax

Answer: B - A urine tax
Emperor Vespasian taxed urine, which was used in ancient Rome for tanning leather and laundering clothes.

How Did You Score?

9–10 Correct: Tax Trivia Master! Are you secretly a tax historian?

6–8 Correct: Impressive! You’ve got a solid grasp on quirky tax facts.

3–5 Correct: Not bad! Your brain knows a bit of interesting tax trivia.

0–2 Correct: You live a wonderful life, unencumbered with unusual tax laws in your memories.

04/02/2025

It's Tax Day!

With the individual tax-filing deadline on Tuesday, April 15th, if you have not already done so, now is the time to complete all filing arrangements and payments.

While this information is provided in our filing instructions, it makes sense to provide this information to everyone, whether you have filed or not. If you have not already done so, ask yourself these questions:

Did you sign your e-file authorization form? IRS Form 8879 needs to be signed before your taxes can be e-filed. If filing jointly, your spouse needs to sign as well. If you haven’t already, please return the signed form ASAP to ensure that your taxes can be e-filed on time. But don't sign it before reviewing the tax return. Remember, this signature means you agree with the accuracy of the tax return.

Do you need more time to file? If you are not ready to file your taxes before the April 15th deadline, you can file for a six-month extension. Be aware that it is only an extension of time to file — not an extension of time to pay taxes you owe. You still need to pay all taxes by April 15th!

Do you owe money? If yes, make your tax payment now! The IRS has several payment options. If mailing a payment, include Form 1040-V and ensure the mail is postmarked on or before April 15th. Sending the payment by certified mail will ensure you have proof of a timely payment. Late payments, even by one day, are subject to IRS penalties and interest.

Do you need to deposit funds into your IRA or HSA? If you claim an IRA or HSA contribution on your tax return for the 2024 tax year, all deposits to those accounts need to be made by April 15th. Once completed, save proof of the contribution with your 2024 tax files.

Do you need to make an estimated tax payment? The first quarter estimated tax payment for 2025 is also due by April 15th. If you owe taxes for 2024, making 2025 estimated payments might make sense for you. A quick way to calculate a first quarter payment is to divide the taxes you paid in 2024 by four, then adjust this number for any paycheck withholdings. Send your payment along with Form 1040-ES to the IRS by April 15th. Then schedule a tax-planning meeting to determine the best approach for the remainder of the year.

If you do miss a deadline, file your return and pay the taxes as soon as you can to stop the accruing of interest and penalties.

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