Tax Update – Gillingham CPA – Q2 2015

Top 10 Tax Tips and Dates for 2015 Planning

Hi,

Congrats to everyone already filed for 2014 and those extended. April 15, 2015 is the deadline for extensions and payment of any 2014 tax due- as well as Q1 estimates for 2015. Thank you for the support of Gillingham CPA, which has grown tremendously during 2015. I look forward to serving you in the future. Referrals and reviews (on Yelp) are the best compliments I can get, so please let me know if there is any way I can be of service.

If you missed my Small Business Tax Seminar please see the recording here https://www.gillinghamcpa.com/small-business-tax-planning-seminar-2015/

Top 10 Tax Tips and Dates for 2015 Planning

1. Quarterly estimated taxes are due 4/15, 6/15, 9/15, and 1/15. Save time and money by exploring options to pay your taxes online using federal EFTPS and California MyFTB.

2. Saving and tax planning starts now. Take advantage of 401K and other retirement options during the year, before it is too late.

3. Have personal deductions and business accounting up to date so you can plan proactively, rather than reactively.

4. Use the numbers. Having your accounting up to date will help with informed business decision making.

5. If you are required to have payroll or issue 1099s, get these systems in place now.

6. Plan your charitable giving strategically, by possibly grouping deductions in different tax years if you are itemizing.

7. Keep your 2015 records neat and evaluate quarterly. The end of a quarter is a great time to put all those receipts in one place and review your “profit” whether you are a business or an employee.

8. Get ahead of your estimated taxes. If you are getting behind for whatever reason, make it your goal to catch up before you are penalized with interest and fees.

9. Plan, plan, plan. Great work and great outcomes are planned the majority of the time – especially financial outcomes. Get ahead now.

10. Rest and relax once you are current. You planned for 2015, filed your returns, grew your personal or actual business, and are ahead of the game. Congrats! It is time to relax and enjoy the fruits of your labor.

Disclaimer: This information is for educational purposes only and not to be used as tax or legal advice. Tax law and accounting protocol are constantly changing. Seek an attorney and qualified accountant.

Other resources from John Gillingham:

Learn Accounting: http://accountingplay.com/

Get the App: Lessons, Audio, and Illustrated Accounting Flashcards for iOS on Android

Get the App: Learn Accounting Debits and Credits with the game on iOS

My Innovative Accounting Books: Amazon Kindle

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