03/12/2025
March 17th & April 15th 2025
1- Sub-Chapter S Corporation (Form 1120 S) Tax Filing Deadline
This Monday March 17, 2025 is the last day to file your 2024 Sub-Chapter Sub S Corp. income tax return without being assessed interest and penalty. To avoid interest and penalty, you must file for an extension (Form 7004) by that date. That extension is good until September 15th, 2025.
2- Partnership Tax Return (Form 1065) Tax Filing Deadline
Partnership tax return and multi member LLC's tax returns filing date is Wednesday March 17th, 2025. If you do not file your 2024 income tax return by that date, you must file for an extension (Form 7004) by March 17th. That extension is good until Friday September 15th, 2025.
3- C- Corporation (Form 1120) Tax Filing Deadline Some tax returns are due by Tuesday April 15th to avoid Interest and penalty you must either file your 2024 tax return or an extension (form 7004) The extension is good until Monday October 15th, 2025
4- Individual Income Tax Filing Deadline
Tuesday April 15th, 2025, is the filing deadline to file your 2024 Individual Income Tax Returns along with those who are single member LLC's. To avoid Interest and penalty, you must file your tax return by that date or file for an extension (Form 4868). That extension is good until October 15th, 2025.
5- 1st Quarter Estimated Tax Payments for Your 2025 Income Tax Returns
Tuesday April 15th, 2025, is the last day to pay your 1st quarter estimated taxes. Individuals including Sole Proprietors, Individual Partners of Partnership, Partnerships, Single or multi member LLC's, Sub-chapter S Corporation Shareholders, C- Corporations and other types of Corporations, Estates, Trusts etc., generally have to make estimated tax payments. 2nd quarter estimated tax payments are due June 16th, 2025. 3rd quarter estimated tax payments are due October 15th, 2025. 4th quarter estimated tax payments are due January 15th, 2026.
[email protected]
(917) 454-8690
01/28/2025
TAX SEASON IS HERE
The IRS has begun accepting and processing all tax returns, electronic and paper returns.
By now you should’ve received all or most of the tax documents to have your 2024 tax returns prepared, if not below are the companies, financial institution government agencies to contact.
Missing your W-2’s, 1099’s Etc.
1- For W-2s contact your employer and make sure they have your correct address.
2- If you did independent work, contact the person or company you worked for.
3- If you received Interest from checking or savings, contact the financial institution.
4- If you received dividends from investments please contact your financial institution.
5- If you received Social Security Payments, please contact Social Security Administration.
6- If you have a pension or IRA withdrawal, please contact the financial institution.
7- Sold Stock and other investments please contact your financial institution.
8- If you purchase health insurance through the Health Insurance Marketplace & received a tax credit to offset your monthly premiums & did not receive form 1095A. Please contact the Healthcare Marketplace.
9- If you attended college and paid tuition or books. Contact the College or University.
10- If you settled on a debt for a lesser amount, you might receive a Cancellation of Debt form, that amount must be calculated with your tax returns. Contact your financial Institution, credit card company or collection agency.
11- If you donated cash, clothing, furniture, car, stocks to a church or another charitable organization, contact the recipient who you donated to.
12- If you close on a house, the settlement statement may have different items that might be tax deductible i.e. interest, different taxes, points and other items.
13- Form 1098 which includes interest & property
14- If you were unemployed & received Unemployed Insurance
15- W-2G Lottery winnings. Lottery loses can offset part of the winnings
TAX REFUNDS
For the average person, a tax refund check is their savings for the year or money for their vacation or to help pay down debt. Although most taxpayers receive a refund, there are some things that can prevent you from receiving that refund. Here are just four things that can stop you from getting your refund:
1- You (or your spouse) defaulted on student loans.
2- You owe child support.
3- You have an IRS debt or any other government debt
4- Someone stole your identity
If you have questions on any of the above information, feel free to contact me.
Gordon Jackson, my # is 917-454-8690. My email address is gordonjackson1257@ gmail.com
01/06/2025
January 6th, 2025
Beneficial Ownership Information Report
BOI Reporting is a federal required introduced under the Corporate Transparency Act (CTA) that mandates businesses share information to help enhance transparency and combat financial crimes. Companies must file before January 13th, 2025, to avoid a fine of $591 a day.
What is Beneficial Ownership Information Reporting?
One report is required for each business entity that has formed with the Secretary of State. The report provides identifying information about the individuals who owns or control of each company they own.
What information is required in a BOI REPORT?
You will need to provide personal details about the company’s beneficial owners, including their name, address, date of birth and identifying number from a government-issued document like a passport or driver’s license.
BOI report information is not public. It is submitted to Fin CEN and will only be shared with authorized government agencies for law enforcement purposes.
You must update your BOI report within 30 days of any changes’ such as new beneficial owner or a change in ownership information.
Companies formed before January 1, 2024, are required to file the report before January 13th, 2025.
Companies formed between January 1st, 2024, and December 31st, 2024, is due within 90 days of formation or registration.
The initial BOIR is due within 30 days of formation or registration.
Nonprofits including charities and religious groups are exempt from BOI Reporting.
Respectfully Yours.
Gordon Jackson
[email protected]
01/06/2025
January 6th, 2025
Beneficial Ownership Information Report
BOI Reporting is a federal required introduced under the Corporate Transparency Act (CTA) that mandates businesses share information to help enhance transparency and combat financial crimes. Companies must file before January 13th, 2025, to avoid a fine of $591 a day.
What is Beneficial Ownership Information Reporting?
One report is required for each business entity that has formed with the Secretary of State. The report provides identifying information about the individuals who owns or control of each company they own.
What information is required in a BOI REPORT?
You will need to provide personal details about the company’s beneficial owners, including their name, address, date of birth and identifying number from a government-issued document like a passport or driver’s license.
BOI report information is not public. It is submitted to Fin CEN and will only be shared with only with authorized government agencies for law enforcement purposes
You must update your BOI report within 30 days of any changes’ such as new beneficial owner or a change in ownership information.
Companies formed before January 1, 2024, are required to file the report before January 13th, 2025
Companies formed between January 1st, 2024, and December 31st, 2024, is due within 90 days of formation or registration.
The initial BOIR is due within 30 days of formation or registration.
Nonprofits including charities and religious groups are exempt from BOI Reporting.
Respectfully Yours,
Gordon Jackson
[email protected]
