Stat of the Month: Tax Procrastinators by State
According to IPX1031's
6 Annual Tax Procrastinators report, 31% of Americans procrastinate on their taxes. (By the way, we call this "extensions" and are grateful to spread the work out over a reasonable amount of months instead of cramming it into a single quarter). Top procrastinators by state? Wyoming, Alaska, Vermont, and North Dakota. Guess they're all too cold to deal with it!
Tax Tip of the Month
Friendly reminder on tax deadlines. S Corp and Partnership returns (or extensions) are due March 17, and Individual and C Corp returns (or extensions) are due April 15. An extension to file is not an extension to pay, so make sure you know what you owe.
Finance Tip of the Month
Mixing business and personal expenses together is dangerous, both financially and legally. Not only are you putting yourself at risk of compromising your liability protection (we are not lawyers but this is pretty well documented), you are open to tax audits for commingling funds and claiming false deductions. Get disciplined around separating your accounts and your books and keep business, business and personal, personal.
Essential Reads
"If you’re interested in the deficit and curbing it, why would you cut back on the revenue side?”
In case you're not following, DOGE is making widespread cuts across government, including the IRS. But cutting tax workers and not simplifying the byzantine tax system is only going to wreak havoc on taxpayers. Read more >
How is the Economy Doing?
In this article, Nerdwallet examines a broad stroke of economic news and shares findings. Among them: Inflation is at 3%, unemployment is at 4.1%, and interest rates are at 4.25-4.5%. Read more >
Client Story of the Month
Sometimes it's about pulling the levers and adjusting the dials: One of our business tax clients was not optimized for savings. During our annual planning and projections meetings, we saved him over $71,000 in income tax by making adjustments to his salary, retirement, and distributions.
New Around Here
Meet Joshua Carter, a Senior Tax Accountant with deep experience working with businesses and individuals to provide tailored solutions for their unique tax situations. When he's not running crazy during tax season, Joshua loves to travel and spend time with his family and puppy dogs. Welcome, Joshua!
Who do you know that needs our services?
We're accepting new clients for...
1. Proactive accounting, tax & advisory
2. Tax resolution
3. Forensic accounting and fraud investigations
Who do you know that needs our services? Refer them here or reply to this email.
A Question for You
Do you feel confident or concerned about the macroeconomic and political environment right now as it relates to your business? 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 compliance to advisory, 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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