Get out your fuzzy sweaters and your financial statements…it's time to plan for third quarter.
After weeks of sweltering heat, we had a weekend of massive thunderstorms. I'm talking the kind that turn your backyard into a swimming pool and your swimming pool into a water feature. The kind with thunder bursts that make your dog howl and lightning cracks that make your little ones crawl whimpering into bed with you.
But when it was over, thank goodness! The heat had finally broken. I woke up this morning to air so clean and fresh that I swear it almost smelled like autumn.
From our team retreat to XeroCon to some refreshing vacation time, it's been an amazing summer.
But I have to be honest that I'm ready for the brisk weather, cozy sweaters and exciting holiday season prep that come with third quarter…I mean, autumn.
[Tweet “Brisk weather, cozy sweaters, holiday season prep…we're ready for third quarter!”]Third Quarter Deadlines
For you, it might already feel like fall has arrived. Your kids are back to school in a week or two (if they're not already) and you're starting to wake up out of your summer stupor and plan out your third quarter of business.
Here are some of the upcoming deadlines to be aware of:
- Sept. 15: Third-quarter estimated tax payment due.
- Sept. 15: Deadline for filing your business tax returns (i.e. Form 1120, 1120S and 1065).
- Oct. 15: Individual tax return due if an extension was granted earlier in the year (on or before April 15)
- Oct. 17: Deadline to recharacterize (undo) a 2015 Roth IRA conversion. If you converted a traditional IRA to a Roth during 2015 and paid tax on the conversion with your 2015 return, this is the deadline for recharacterizing (undoing) the conversion in order to save money if the IRA has lost money since the time of the original conversion.
- Oct. 31: Quarterly payroll tax return due (Form 941)
A Little Preparation = Bigger Profits
- Do your best to file your tax returns well before the deadline, especially if you’re a sole proprietor. The IRS has seen increasing numbers of fraudulent tax returns being filed. Filing early means less chance of someone being able to get your refund under false pretenses.
- If your business is an LLC, make sure to check with your state’s department of revenue for renewal deadlines.
- Do a third quarter review of your business plan. Are you meeting the targets you set at the beginning of the year? Do you have a plan for marketing and promotion during the 4th quarter, a.k.a. holiday season?
- Get your books in order. The last thing you want is to spend your Christmas/New Year time off scrambling to put your accounting in order before the tax ramp-up begins.
Remember, the planning you do now means less effort (and way less stress) later in the year!
[Tweet “The planning you do now means less effort (+ WAY less stress) later in the year!”]