Happy Sunday!

It's hard to believe it's September already. I hope you're having a fun and relaxing Labor Day weekend- I was lucky enough to go to the US Open for a few days and see some great tennis.

For accountants, September is the beginning of tax season #2- extension deadlines. For business owners it marks a quarterly milestone- estimated tax payments. By frequent request, here is a reminder of tax deadlines you should know and online payment instructions:

March 15 - corporate taxes/extensions due

April 15- personal taxes/extensions dues AND Q1 estimated tax payments due

June 15- Q2 estimated tax payments due

Tuesday, September 15- extended corporate tax returns due AND Q3 estimated tax payments

October 15- extended personal tax returns due

January 15- Q4 estimated tax payments due

Direct from the IRS website: If day 15 falls on a Saturday, Sunday or legal holiday, the due date is delayed until the next business day. Your return is considered filed on time if your envelope is properly addressed, postmarked and deposited in the mail by the due date.

Best practice is to make electronic payments several days beforehand and make sure they post to your bank account, leaving enough time to log back in and try again if it does not.

One quick note: I've seen more fraud and false check cashing from paper checks mailed to the IRS than any other single source over my 20 year career. Paying electronically is hands down the safest way to keep your bank information and Uncle Sam covered.

Happy tax paying!

Natalie

Quarterly estimated tax payments are upon us! If your CPA put a series of vouchers at the beginning of your 2023 tax returns, you should be making estimated payments.

I have heard of more mail fraud and lost checks this year than prior years and wanted to remind those making estimated payments to please send checks certified mail to the IRS OR make a payment online.

Making a payment online isn't always a perfect system either- it is really important to categorize the payment correctly and you should always print or take a screen shot of the payment confirmation in the event of a system glitch.

• Go to Make a Payment with this link and select "Pay now with direct pay"

• In the Direct Pay with bank account page, please select the "Make a Payment"

• Have your account number and routing number ready to complete the payment

• For estimated taxes select the reason as "Estimated Tax"- please don't select a different option- it's really hard to change and the IRS will send penalties and interest notices even is it's misapplied!

• Select the current year of the payment for the Tax Period for Payment drop down

• Have a prior tax return in hand to verify your identity. It does not have to be a current tax return; you will put the tax year in the first drop down box

• Provide the information exactly as seen on the tax return you have selected

• Enter the amount of the Estimated Tax payment and the date it will be withdrawn
• The withdraw date should be on or before the quarterly deadline

• Do not forget to select the check box to get an email confirmation notification and enter the email you would like to receive that email

• Save the confirmation of your payment so you are able to report it on your tax return

• This page is important to save because your email confirmation will not have the payment amount or date of payment

We stopped taking new clients for awhile but have increased capacity and are open for business! If you or someone you know could benefit from comprehensive financial planning, schedule a call to learn what it's like to work with us.

Hayes Wealth Advisors was founded in 2018 to provide comprehensive financial planning for optometric practice owners. Over the years, we have expanded our focus to serve trial attorneys as well, growing to more than 100 client families and over $150 million in assets under advisement. Our team is made up of advisors Natalie and Alexis, supported by our outstanding colleagues Julie and Heidi.

We'd love to get to know you, learn more about your business, goals, and family, and discuss how we can help you build and preserve the life you've worked so hard to create.