Weekly Update–September 6th, 2024-Can Good Planning Really Reduce My Next Two Estimated Tax Payments?
Our Labor Day weekend has stretched through this upcoming weekend, end of summer…not yet please. Even with the unofficial last day of summer, the first few days of the school year, and the last few days until our major deadline, I am not ready to give up yet. Just this morning, I skipped my walk to sleep in a bit so I could continue to enjoy our guests over a long leisurely weeknight meal as we made more plans for the upcoming weekend.
First stop today, ferry drop off, my daughter’s best friend stayed over last night, what a way to commute…
And my daughter headed home on the ferry after attending a Sunday matinee in the City…
I’ve be picking and this week we had grilled figs and tomatoes salad with our first crop of green figs…
My friends in Ashville N.C. have a beautiful garden, they have been harvesting and sharing photos and now they are cooking and canning, so cool…
There’s always room in my blog/weekly update for some beach shots. This week I spotted a pod of dolphins (there really is one surfacing in the upper right hand corner of this photo)…
I hope your summer has not quite ended and you have great plans for the weekend. Today we head for the beach mid-day and will start our fall seedlings (lettuce, dandelion greens, carrots) this evening and tomorrow.
WEEKLY TAKE-AWAY
We had a wonderful long Labor Day weekend with our visiting family and friends and some stayed longer and family friends continued to come by and will return this weekend. I am so glad I set up our office 90 action plan to work through most of our deadline requirements before they arrived. Proactive planning and sticking to our process enabled me to enjoy my time with friends and family, without stress; priceless.
TAX ISSUES/TAX PLANNING
IRS Encourages People to Perform an End-of-Summer Tax Checkup to Avoid Tax Surprises Next Year
AND WE DO TOO as 2024 Tax Estimate #3 are Due Monday: September 16th 2024. We and the IRS are on the same page: The IRS advises taxpayers to conduct a tax checkup before summer’s end to prevent unexpected tax bills and penalties next year. Reviewing withholdings and estimated tax payments can ensure accurate tax returns and avoid surprises. The IRS link includes its Tax Withholding Estimator for guidance.
That’s a great start and sufficient for many of you. For us and our clients, it’s that time again; it’s time to review your year-to-date income and profitability results. Let’s also put a positive spin on this exercise. You can take the time to determine what your 2024 tax liability is, as well as look to schedule an appointment with your tax professional to create or update your tax plan, hold a cash flow review and/or business operations assessment. Proactive planning may help you achieve your desired outcome and may even help you divert estimate funds into another “tax benefit pocket”.
- First steps, review your financial statements and compare activities with your prior year, annualize and project for a full year so that you are prepared to meet your current and full year business and personal tax liability.
- Next, consider making some changes in operations to positively affect your cash flow, life-work balance, return on investment. Certainly look at equipment needs and use, professional services effectiveness, employee focus allocation, profit centers, etc.
- Finally, update or create a 90 day action plan to incorporate tax plans, business goals, personal goals and exit plans
ECONOMY
Calling All Aspiring Inventors, Makers, and Entrepreneurs: Commerce’s USPTO to Host Invention-Con
As reported in this article by Commerce.gov: “The U.S. Department of Commerce announced that the USPTO is hosting an event for inventors, makers, and entrepreneurs. The gathering aims to provide resources, support innovation, and celebrate invention. Participants will gain insights into intellectual property and have networking opportunities to help bring their ideas to market.”