Friends,
As we approach the April 15th tax deadline, we wanted to remind you of a few important items to note and offer assistance for this tax year and future years. Additionally, we want to reiterate our offer of assistance working with you and your tax professional. If you need tax documents for the accounts that we manage, please let us know, and we will coordinate to send those documents to your accountant.
Hurricane Helene Extension (see IRS article below)
Who is eligible?
- Affected residents and businesses in all of Alabama, Georgia, North Carolina, and South Carolina, and parts of Tennessee and Virginia will have until May 1, 2025, to file taxes.
What timeframe has changed?
- Any individual or business that has a 2024 return normally due during March or April 2025.
Other Notable Items the May 1, 2025 deadline will now apply to:
- Any individual, business or tax-exempt organization that has a valid extension to file their 2023 federal return. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricane occurred.
- 2024 quarterly estimated income tax payments normally due on Jan. 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025.
- Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, and Jan. 31 and April 30, 2025.
Post Tax Filing Notes
We would be grateful for an introduction to your CPA or tax professional if we are not acquainted so that we can work with them to prepare you for next year’s filing.
We can work with your tax professional to examine:
- Roth Conversions for your pre-tax assets
- Set up Qualified Plans for your business
- Run projections for 2025 to analyze cash flow
- Assist with quarterly tax payments
If you provide us with a copy of your most recent tax return, we can utilize tax-planning software to review previous tax filing data and model the effects of future events such as a business sale, initiating required minimum distributions and future charitable donations.
Let us know if you would like us to analyze how your tax situation impacts your overall financial plan.
Andrew
*Converting a traditional IRA to a Roth IRA is a taxable event and could result in additional impacts to your personal tax situation, including the taxation of current social security benefit payments. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.