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8 deadlines, mistakes, and deductions to know!

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Hi Everyone! 

I asked my assistant to pull up everyone who has mentioned business, freelance, self-employment, contract labor, 1099-NEC, etc. If that is you, please read on! 

Tax breaks:

For those of you that may be new to these types of income, the good news is that we have quite a few deductions that apply to us. 

The full list has 15 core tax breaks that we have found most of us freelancers & business owners can take advantage of. Each one can lead to at least a few thousand dollars in tax savings. 

If you want the checklist, please let me know & I will email it over right away. The message is too long with those here! 

Deadlines:

Now, to get to the urgent items: 

  • April 15th: This is your date if you are any of the following: 
    • Single-Member LLC
    • Contractor/Freelancer/1099-NEC employee 
    • C-Corp
  • Apr 15, 2024: Why is this date listed twice? Simple: quarterlies 
    • This is the first quarter deadline for those that have positive net income from contract income, business, or freelance for 2024
    • If you expect to have net income in 2024, you must file
    • The IRS interest rate for missing these is now 8% (up from 3% last year), so if you did not notice this one before, you may now! 
  • Mar 15, 2024: This deadline is missed very often. If you are any of the below, you must file earlier than most! The penalty can be ~$200 per partner per month! 
    • Multi-Member LLC 
    • S-corp
    • General partnership (LP, etc.) 

Important notes: 

  • For most types of business entities, you are required to file even if you had no activity, no revenues, no expenses, shell entity, etc. 
  • There are penalties for failing to file
  • Please note that your state may have an annual report or biennial statement filing requirement separate from your income taxes
  • If you are not sure what your requirements are, just ask me

For help with any of the above, please contact us ASAP.

Thank you for reading! 

— 

George Dimov CPA

www.dimovtaxstg.wpenginepowered.com

(833) 829-1120 toll free 

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