So, BBA doesn’t handle taxes. We handle the books to prepare for the taxes! But, we have some pretty A-maaazing tax partners. One of which I actually talked about in last month’s newsletter: AccountAbility (owned by Melissa, who as you may remember, wouldn’t hire me years ago!)

They sent out a super informative newsletter this month, and I just wanted to share because there’s some realllly important stuff in there about what exactly an extension is.

“Are you going to be tardy for the tax filing party this year? If so, the IRS is allowing for an extension. So while the rest of us will celebrate tax day on April 18th, the IRS allows extensions to be filed until October 15th. You can always invite us to celebrate with you then!

This extension does not allow for any extra time to pay your taxes, and you should estimate and pay any owed taxes by the regular deadline despite the allowance of extra time to file. This will ensure that you are not subject to any penalties. And we know how you feel about penalties! If you need this extension, be sure to request it no later than the regular due date of your return.

You can also get an extension by paying all or part of your estimated income tax and then indicating that this payment is for an extension. This is a great option and can help you chip away at the payment early on. If you choose to do this, you also won’t have to file a separate extension and will receive a confirmation number for your records.

For more information about filing your extension, visit the resource page on the IRS website.”

They also have a new blog up: “Can’t Pay Your Taxes in Full? No Problem!”

We have a really telling question on our new-client intake form. It’s “Do you like your current accountant” and the choices are ‘Yes, No, Am I supposed to?’ I’m continuously shocked by the amount of responses with option 3.

YES! YOU ARE SUPPOSED TO LIKE YOUR ACCOUNTANT!!!