May 2021 Tax & Accounting Insight

Message from President Josh Shilts

I can hardly believe that we are already in the second quarter of 2021! Here at Shilts CPA we are deep into tax season and have been busily preparing tax returns and extensions for the May 17th deadline. With that in mind, I would like to take this opportunity to share the following important reminders with you:

• Estimated Tax Payments – Estimated tax payments for the second quarter of 2021 are due June 15, 2021. Even if you have filed an extension, your second quarter estimated tax payments are still due as normal. Please make sure not to miss this deadline and penalties and interest will be associated with it.
• Year-round Tax Planning –I want to remind everyone about the importance of year-round tax planning. Certain transactions and purchases have tax ramifications and I encourage you to speak with our team prior to completing any potentially taxable transactions. This ensures that you are aware of the financial tax impact on your annual tax return.
• Record Keeping for Small Businesses – Now, more than ever, it is imperative that your accounting be in good order. We as your trusted advisors cannot stress enough the importance of keeping up with the income and deductions of your business, at a minimum quarterly. This helps not only to keep your books accurate, but also helps to save with tax preparation.
• Tax Law Changes – The Shilts CPA team continues to monitor and learn the many new facets of the recent tax law changes. Please make sure to watch our future newsletter for important tax change-related items we feel you need to know!

We hope you find this month’s newsletter informative and encourage you to reach out anytime we may be of assistance – we are here for you!

Josh Shilts, CPA/ABV/CFF/CGMA, CFE

Featured Articles

• Tax Due Dates
• Tax Return Tips for Last-Minute Filers
• Tax Withholding for Seasonal and Part-Time Employees
• Deducting Business-Related Car Expenses
• Saving for Education: Understanding 529 Plans
• Avoiding Tax Surprises When Retiring Overseas

QuickBooks Tips

• How to Customize Sales Forms in QuickBooks

Other Articles of Interest

• File on Time – Even if You Can’t Pay
• Common Errors To Avoid When Filing a Tax Return
• Refunds for Nontaxable Unemployment Compensation
• Recovery Rebate Credit May Be Different Than Expected
• Deductions for Food or Beverages From Restaurants

Tax Due Dates

Missing tax deadlines can result in heavy penalties. Click here to view all tax due dates and ensure you are to-date on what is due this month.

Shilts Speaks

Our President, Josh Shilts, is passionate about sharing his expertise. We would like to encourage you to join us at his next event.  Click here to view all events.

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.