Cheers to a Stress-Free Tax Season!

Happy 2025! To celebrate the new year, I’m gifting you a personalized New Year’s Resolution: Never miss a tax deadline in 2025!

Let’s start with what’s due this month:

January 15th:

• The final installment of your 2024 estimated tax (Form 1040-ES) is due.

January 31st:

• Employers must file W-2s and send a copy to each employee by this deadline.

• Form(s) 1099-NEC must be filed and a copy sent to all recipients by this deadline.

• Form 940 is due for employers’ Federal Unemployment Tax paid in 2024 (FUTA).

This one isn’t an official tax deadline, but it’s still something you need to do in January: Close out your books for 2024!

Financial Umbrella can help with anything listed above! We’ll help calculate your last round of estimated payments for 2024, as well as assist employers with sending out W-2s, 1099 forms, and filing payroll tax returns, such as the IRS Form 940. We can even help with getting your books reviewed and closed out for 2024. Just REPLY to this email and let us know how we can help you!

It’s officially the new year, and here’s what changing around Financial Umbrella:

• We’re officially rolling out improved tax questionnaires for this tax season to make the process easier and faster on all our clients.

• Our mobile apps have been updated for tax season, with easier-to-use features and better mobile layouts for better functionality.

• We’re getting a better bookkeeping portal for our accounting clients that’s more user-friendly.

While we’re at it, here’s your first preview of our tax filing deadlines for the 2024 tax season:

• Individuals, S Corps, and C Corps: We must have a completed questionnaire and all your tax documents by Friday, April 4, 2025 at 5pm EST to complete your returns without filing an extension.

• Partnerships: We must have a completed questionnaire and all your tax documents by Friday, March 7th, 2025 at 5pm EST to complete your returns without filing an extension.

• Nonprofits: We will communicate your deadlines as appropriate, since many of our nonprofit client’s fiscal years do not follow a calendar year and therefore have many different deadlines as far as tax filings go.

Remember, Financial Umbrella can help individuals, service-based businesses, and nonprofit organizations with their tax filings each year! We also welcome your referrals!

One of my new year’s resolutions is to help even more service-based businesses with their tax filings and bookkeeping in then new year! If you know someone who could use my help, I would love for you to make that introduction.

As always, thank you for being a valued client!