Let's talk taxes. Specifically, let's talk about that looming October 15th deadline for those of you who filed an extension- because there are a few things that you need to know.
1.First and foremost- don't freak out, you have options and this doesn't have to be so stressful. You don't need to know all the tips and rules- you just need to find someone you can trust, who does. #loveyouraccountant
2. Here's the scary part for a lot of people. That extension didn't change the date for any tax money you may owe. That means that if you did owe money to the IRS on April 17 and didn't pay it then- you now have to pay penalties and interest on that money. If that is making you hyperventilate, take a minute and Go read #1
again :) 3. It's super important to understand that if you can't pay, it will still be okay. You still need to file- the penalty for not filing is dramatically more than the penalty for late payment. And it is always better to work with the IRS than to hide from them. They won't go away- but they might work with you if you can show reasonable cause for not having the money to pay on time.
We are going to be highlighting important tax facts leading up to the deadline of #october15
so be sure to follow us so you don't miss anything.
Steel City Accounting specializes in bookkeeping and tax services for artists, non-profits, and unique companies www.steelcityaccounting.com #steelcityaccounting