April is financial literacy month. Many small business owners who we work with don’t feel confident in their financial literacy. However, in my experience, even the self-described creative-types, number-haters understand more about their finances than many people who are not entrepreneurs. …and they often strive to continually educate themselves and want to improve their understanding.
A few suggestions :
- Find a CPA you can use as a resource beyond just filing your taxes. Tax planning in your business and personal finances can contribute significantly to your bottom line.
- Work with your bookkeeping/accounting team to better understand the financials of your business. Make smart business decisions based on the valuable information in your books.
- Don’t hesitate to bring your advisors in contact with each other. Whether regarding your personal or business finances, your CPA, accounting team, attorney and financial advisor should not work in a vacuum. As a functional team, we can better support your long-term goals.
- Have an accountability partner who you check in with regularly to stay on track with your goals.
- Never stop learning. Below are a couple helpful blogs and books.
Important Dates in April
April 17 :
- File a 2017 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6 month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.
- If you are not paying your 2018 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2018 estimated tax. Use Form 1040ES.
- If the monthly deposit rule applies for your federal payroll tax withholding, deposit the tax for payments in March. (If we process your payroll, we’ll take care of this for you.)
- File Form 941 for the first quarter of 2018. (If we process your payroll, we’ll take care of this for you.)
- File forms and pay Colorado withholding tax and Colorado Unemployment premiums. (If we process your payroll, we’ll take care of this for you.)
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