All right, welcome. So this,
this episode will be, might not be diving into a lot of
unique strategies, but I just want to give some general recommendations on this
very specific time of year. So it's early to mid-January when we're planning
to release this, and tax season,
that's a CPA You as tax preparers, we kind of live and die by
tax season, but everyone, every United States citizen filing a tax return,
you expect to experience some sort of tax season.
That's the time of year when you need to file your tax returns.
but right now, so to give you a specific date to when the IRS
will start accepting tax returns, I'm gonna go over that.
I'm gonna go over the process, whether you're filing with Beemint,
Beemint & Company or another CPA firm and you're doing it yourself,
just some general advice and recommendations. On key dates,
ah, things to collect, things to just not forget about,
so I'll go over that process. And then,
yeah, I'll just kind of go over some of the, the key deadlines,
like the dates. That's later in the tax season as well,
if you're not looking to file immediately or if you don't have everything available
immediately. So first, first things first is the IRS.
every year it's kind of, we, we don't know exactly when they're going to
start accepting. Tax returns,
like, and this is really when they open up their e-filing process and they
release the forms and are ready to go. this year they just announced it
in the last couple days that they're going to start accepting tax returns January
26th. So,
like, today, if this releases the 14th or 15th of January,
still I have almost a couple weeks.
But the first opening when they'll start accepting the e-filed tax
forms is January 26th. And most of the time,
well, unless there's big tax law changes. But most of the time,
they'll, they'll start accepting, like, all available tax forms at the individual level.
And then sometimes, like businesses, we need to,
it needs to be delayed like a week or so because we're still waiting
on the IRS. And the software companies to release the forms.
But if you remember last year, middle of 2025.
On July 4th, the 4th of July,
we had the one big beautiful bill act that was passed,
which had a lot of tax law changes. But it was actually,
like, the no tax on tips, the no tax on overtime,
the additional deduction for the season. The, a lot of,
like, the accelerated depreciation things were extended,
so a lot of business types of deductions. So there's a lot of changes,
so sometimes, we've seen in past years,
I think it was the with the 17 and 2018 filing year,
there were a ton of changes, and like, they delayed it,
I swear it was delayed. So, like, the end of February when we could
actually file forms. But just think of that,
so, but what you can do now,
so, it doesn't matter, like, when they actually open it.
It matters a little, but you're going to start to start getting tax documents
in the mail, you're going to start getting tax documents emailed to you,
you're going to have to log into portals. You're going to have to get
your 10 ID8s, like the mortgage interest,
the investment documents, K1s,
all of that is going to start coming in. So just make sure if
you're getting it in the mail, just put it in a pile to be
scanned later. I would start saving it,
put it into like a Google Drive or some sort of like shared
drive where you can start putting together your tax documents.
If you file with Beamington Company,
and there, there's a lot of, LLC pay firms that do this as well,
but we have a client portal available,
but in the next couple of days, so I know this week,
you'll be getting an email from us with an invitation to start the tax
preparation process. And we actually want people this,
this year, is a little different with the software we're using.
We want people to get started with it sooner than later.
And that's because our new, our new tool allows you to just start uploading
documents. It'll send you reminders for things that you're missing.
So it should be quite a bit easier compared to the prior years.
And, so that's the tax documents.
Just start making sure you're collecting all those. If you had a business or
rental properties, make sure you use the templates.
We have them in the Wealthcane Basics course.
we have them on the Beeminton Company website. Just, like,
tools for tracking income and expenses for rental properties.
Income and expenses for your business, like if you don't have a QuickBooks file
or an accounting system or a bookkeeper.
We're not doing the bookkeeping for you already. So just make sure you're working
on your financial statements now. Because if you,
... Wait until you're filing your tax return,
say in February, March, or April. And then,
at that point, we're trying to scrap you. We're trying to pull all the
information together. It gets a lot, it gets pretty hectic.
So to just help streamline the process, I'd pull together the income and expenses.
So for people that have raised
funds, like, raised money,
you've done a syndication, if you're a general partner in a partnership,
or if you're a limited partner in a partnership, just to understand this process
is helpful. But if you've raised fines and you need to prepare a partnership
tax return. just make sure you've got all of the investors details,
that's full legal name, that's how much it's money they've contributed,
those, like, breakdown and distributions.
Your financial statements should show this information,
but just make sure you've started to track that. if you bought a new
property for the year, we need a closing document,
we need to know how much it was purchased for. when you go through
the questionnaire for the tax preparation,
you'll see a lot of these reminders as well, but.
Just something to think, just something to think about. so now some key dates
of when. You can act, or of like really key deadlines of when you
need to file these things. So March 15th.
If you formed, or if you're a business owner of a partnership,
an S-corporation, like an LLC that files as a partnership,
you do, you, you have to file an extension or a file by March
15th. So a lot of like,
a lot of the like real estate investment funds that we do work for.
A lot of them, they want to get their K-1s out to the investors,
like to the LPs by March 15th.
And that's great. We love to help them do that. Just make sure you're
getting us your stuff by mid-February if you can,
like a month in advance would be great. that's March 15th for those flow-through
entities, businesses, you can file an extension if we filed for you last year,
we're going to fi file an extension for you automatically.
And then the big deadline, April 15th,
where this is the personal deadline,
the C-corporation deadline. This deadline is so big because the taxes are so are
due by April 15th, which big,
confusing thing, confusing thing, I think, with our tax law.
Honestly, it took me years and years to understand this,
even though, even when I was in the industry doing this work.
but. Taxes are due April 15th,
even if you have an extension that would push your tax filing deadline out
to August. October 15th. So you might be wondering,
like, well, why, why would I pay my tax if I don't know what
I owe because I didn't expect an extension of time to file?
And that's a good question because, that's, that's the confusing part.
That's where people get mixed up. But if you owe taxes or you think
you're going to owe tax, that's a key deadline of just making an estimated
payment. Like, pre-paying some tax before you even file,
that can help you avoid some penalties. So then after that.
We'll do other episodes and stuff after that point,
but just to get you through this deadline, you've got filing opens end of
January. Then you've got the March 15th deadline,
or an extension deadline for businesses in April 15th the individual
deadline to file or to file an extension. So just remember that.
But remember, so it includes, in summary,
just start tracking or pulling together your documents now,
save everything you possibly can.
the new questionnaires we're sending out to everyone are going to list out what
you had last year and it'll remind you, kind of like a checkbook.
Well, you had this 10-item last year, you should have it this year.
This, this process, at least for, with our firm,
will be a lot smoother for you. And,
at least that's our hope. And, just remember,
if you have any sort of business that you need to do some work,
kind of bookkeeping type of work, I would start on that now instead of
during the tax prep process.
Okay, that's everything, that's kind of a high level,
like tax season is here, two weeks the IRS is opening up the e-filing.
Those are some pointers, just some reminders,
some things to help you prepare. but watch for those e-mails.
If you, if you're anywhere on our e-mail list for the CPA firm,
for Beamanton Company, you'll get a notification here in the next couple days if
you don't get a notification and you want one and you want to see
what the process is and all the step-by-step process.
please feel free to reach out to our reception at behemothcompany.com and they can
get you the email. They can get you that for sure,
that, the, the questionnaire, the, the tax organizer process.
To get started on that. Okay.
Well, have a good rest of the week. Talk to you later.
