As we live through another year with the COVID-19 pandemic, the deadline to pay your taxes was extended last month by the IRS to May 17th in an effort to take some economic pressure off Americans.
To make your life easier for this tax season’s extension, your local Weslaco CPAs at Gonzalez & Arrambide can ease the process of filing your taxes by the deadline. Today, we will break down what’s expected for this payment extension, and how we can help.
What to Expect from the Tax Extension
This extension goes for all filers, including individuals, businesses, trusts, estates and more. It applies regardless of how much you may owe, and payments will not include extra penalties or interest up until the extended date. This extension is automatic, so taxpayers don’t have to file any more forms to take advantage of it.
The extension could offer great benefits for taxpayers seeking to save for retirement through an IRA. That’s due to the typical April 15 income tax deadline that also happens to be the IRA contribution deadline. With this, the updated May 17 due date would set back the 2019 IRA contribution deadline.
The 2020 standard IRA contribution limit exceeds $6,000, or $7,000 if you are 50 or older. If you’ve already used your contribution for the 2020 tax year, you can put it towards the 2021 tax year, where the limit is also $6,000.
Note that this extension does not apply to 401(k) retirement savings accounts.
The federal government recommends that taxpayers file their taxes as soon as possible, especially those who are awaiting a tax refund. Earlier this year, U.S. Treasury Secretary Steve Mnuchin mentioned that he wanted people to be able to access their refunds as soon as possible. This flow of cash would lift some of the financial weight of the pandemic.
Gonzalez & Arrambide Can Help You This Tax Season
While you might be able to file your taxes by yourself without any assistance, you’ll never be aware of how much money you’re leaving on the table. An accountant will have the knowledge and expertise to make sure you’re not overpaying, and that you’re making accurate claims to all the deductions you deserve.
Handling taxes on top of the stress of the ongoing pandemic can feel overwhelming and difficult to navigate through. The most minor mistake in this financial circumstance can leave an impact on both you and your business. If doing taxes alone feels like too much pressure, our skilled CPAs can show you the process, step by step.
We can sort out the process of filing taxes and simplify the intricate process for a reasonable rate. You don’t have to file your taxes by yourself. Be proactive and consult with Gonzalez & Arrambide!
To learn more about how this tax extension affects you or your business, or for help filing your taxes, speak with our certified public accountants by scheduling a consultation with us today.
Implementing processes to advance your organization’s long-term goals is one aspect of business management. However, one of the more critical components to running a profitable company involves strategic planning, or documenting and establishing a direction for your business, including assessing where you are and the direction it’s trending.
Strategic planning is not only an opportunity to record your organization’s mission, vision, and values, but to also lay out your business’ goals and to develop an action plan to achieve them. A well-prepared strategic plan will play a pivotal role in the growth and success of your business, and will offer leadership and support staff the means to respond to opportunities and challenges that arise.
Notwithstanding, the best-laid plans can sometimes go awry. When developing and implementing a strategic plan for your organization, there are ways to avoid making mistakes as you move forward.
Making the Right Decisions: Avoiding Mistakes in Your Strategic Business Plan
1. Employ an internal facilitator with experience leading planning sessions. An outside qualified consultant may offer the best way to run any planning sessions. An additional benefit of hiring an outside consultant is that they bring in an objective (and outside) perspective, while encouraging others to participate and offer their own opinion.
2. State your objectives clearly. Exercise a measure of structure and lay out objectives to avoid the session going off track. Clear objectives help guide sessions and offer a way for people to remain on task.
3. Establish an environment that invites trust and openness. Brainstorming as a group is critical, and it’s important to do so in an atmosphere free of judgment. On occasion, the most out-of-box ideas create meaningful change. Not offering an environment where participants are able to freely speak their minds may stifle great ideas.
4. Engage in follow-up for ideas from your strategy session. Strategic planning sessions involve taking leadership away from their busy schedules, so it’s important to utilize that time wisely and to implement action items that emerge from the session. Lack of execution is a common way to remain stagnant and miss out on opportunities to advance toward greater success.
5. Invite the right people to the planning session. Small group sessions offer opportunities to get things done more swiftly and with greater ease, whereas larger groups with more participants offer improved opportunities for great ideas.
The larger the group, the more responsibility a facilitator must undertake. Including individuals from different disciplines and levels of expertise who offer broader perspectives is a surefire way to develop strategies that are innovative and effective.
In summary, strategic planning sessions can help ensure your business advances in the direction you expect for success, but adopting the right framework and working with the right people are critical to a positive outcome.
Gonzalez & Arrambide, Inc., Offers Their CPA Services to Help Your Business Succeed
With 25 years as one of the most trusted and respected accounting firms in the Rio Grande Valley, Gonzalez & Arrambide, Inc., has guided individuals and businesses in addressing their financial and accounting needs.
Call us today at (956) 447-9009 and learn how we can help you grow your business!