Stat of the Month
The average tax refund to date in 2024 is $3,081. Source:
IRS
Tax Tip of the Month
April 15 is nearly here! Even if you've extended your return, don't forget that an extension to file is not an extension to pay. Due April 15:
✓ 2023 extension payments / Q1 2024 estimates (if extended)
✓ 2023 final payments / Q1 2024 estimates (if not extended)
NC business specific:
✓ Franchise tax (NC): $200
online
✓ NC Pass-Through Entity Tax Payments (can't pay online, need vouchers)
LinkedIn Post of the Month
From accounting & taxes to exit strategy...plus "cashflow is king." What would you add to the list?
Essential Reads
ICYMI: Why "Extension" isn't a dirty word during tax season
Tax season is like flying the plane while building it. The code just gets more and more complex, and Congress likes to work on tax bills that have major impacts during tax season. No wonder most accounting & tax firms file automatic extensions on behalf of clients every year. It's the safety net you didn't know you needed.
Read more >
Tax changes small business owners should be aware of (AP)
"Sine business tax filing is complex, most experts recommend small business owners work with a professional tax advisor rather than trying to file on their own or even with tax-filing software."
Read more >
Client Story of the Month
$30K in Tax Savings? Yes please!
A client involved in a $1M+ legal settlement talks came to Red Bike Advisors for tax advisory services. He had to act quickly to negotiate the settlement contract and needed options for mitigating tax liability. Red Bike Advisors worked to optimize tax impacts of the settlement and was able to recommend income tax strategies that will save the client more than $30K in income taxes.
Quote of the Month
"A person doesn't know how much he as to be thankful for until he has to pay taxes on it." -- Ann Landers
A Question for You
What's your biggest tax pain point? How can we help?
Until next month,
Your Red Bike Advisors Team
About Red Bike Advisors
We're on a mission to equip small business owners with finance and tax insights that create exponential value for their companies, customers, employees, and families. From financial reporting to forecasting, we take the confusion and scramble out of business finance and tax strategy and bring in clarity, growth, and peace of mind.
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1650 Military Cutoff Rd. Suite 104, Wilmington, NC 28403
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