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In this episode, we talk about 2022 tax deadlines. Everyone should know when they need to file their taxes and pay their estimated taxes. If you show up to your accountant or tax pro on the day your tax return is due or even a few days before, you're likely too late to get it done in time. So, today we're going to break down these dates.
We don't want you to live in fear. The IRS is NOT your boss. We want to teach you so you don't overpay, so you'll know where to be and when you're supposed to be there.
Not sure how much you owe the IRS? We highly recommend following Profit First for all business owners. Part of the Profit First process teaches you how and when to set money aside for taxes so you don't end up getting stressed out when payment deadlines come and you actually have the money to pay the tax bill.
That's the beauty of tax planning and being in a relationship with a team that wants to be your partner, your processor, and your protector. We help you see around blind corners and walk you through these kinds of things because we see them all the time.
Finally, taxes can be very stressful, but you shouldn’t let them paralyze you. Don't let taxes create blame, shame, or guilt because that does not serve you. You're up to big things and you're doing big things. This is just part of the entrepreneurial journey. You learn as you go to streamline things and create processes.
In this episode, you will hear:
- Estimated tax deadlines and extensions
- Reasons people file for an extension
- Why you should get your tax return done
- Tips on efficiently working with your tax professional
- Why you should pay attention to January
- Estimated tax payment dates
- The employer's tax calendar for W-2s and 1099s
- Things to consider if you went into a partnership or you turned your Schedule C business into an S corp late in the year
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For those who need the deep dive breadcrumbs from the IRS, you can pour over the details at https://www.irs.gov/publications/p509 and https://www.irs.gov/businesses/small-businesses-self-employed/online-tax-calendar
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