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Tax season is behind you, and that is worth celebrating! This month we are focusing on what comes next, including your upcoming estimated tax deadline, keeping your books current, and setting yourself up for a strong second half of the year.
Key Actions
Now that tax season is over, here is what to focus on in May:
- Get your books current so you know your actual profit and can estimate taxes accurately
- Set aside money now for your June 15 estimated tax payment
- Review your Q1 numbers to see how the year is shaping up
- Clean up any uncategorized transactions or unreconciled accounts before the quarter closes
If you filed an extension, remember that October 15 is your new filing deadline. And if you were not able to pay in full by April 15, setting up a payment plan at IRS.gov as soon as possible will help you avoid additional penalties.
Upcoming Deadlines
June 15: Q2 estimated tax payment due. This is your second estimated tax payment of the year and applies to self employed business owners and anyone with additional income outside of a traditional paycheck.
Ongoing if you have payroll:
- Monthly payroll tax deposits
- State level filings depending on your location
Sales tax reminders: Sales tax deadlines vary by state and can be monthly, quarterly, or annually depending on your business. Now is a good time to confirm your next filing date.
Personal note from Chelsey
After tax season wraps up, I always encourage my clients to take a breath and then shift into planning mode. The rest of the year goes by faster than you think, and the businesses that finish strong are usually the ones who stayed organized in the middle months.
Whether you need a one time clean up or ongoing monthly support, my team and I would love to help you feel confident in your numbers all year long. And if you know someone who could use bookkeeping support, we have a referral program and would love to share the details!
Ready to get your books in order?
