Accounting, Taxes, and Bookkeeping
We've been hunting long and hard for the perfect accountant that will aggressively (but legally) pursue all tax advantages, be extremely attentive, super fun to work with, understands creatives, and has a fair price. Seriously guys, we're stoked.
We've personally used CountUp for ilovecreatives and we think you'll dig it too.
CountUp is a collective of accountants from all over the US. They work with creatives and startups, people like us! Plus, it's super affordable.
starting at $149
To get started, sign up for a free trial.
Once CountUp pairs you with an accountant use the code: ilovecreatives for 45 days of free bookkeeping and 20% off any other service.
HOW TO PREPARE FOR TAX SEASON
Questions asked in the video:
- Bookkeeping Options
- Types of Business Expenses
- What are the Official Documents?
- What about Receipts?
- Tax Prep Options
- What should I ask a Tax Prep?
For the past two years, we have recommended Tanya, but unfortunately, she's taken a position at a startup and can no longer take on new clients. We're super happy for her and wish her all the best!
Consequences of Filing an Extension
There are no consequences for filing an extension. the extension just gives an extra 6 months to file. So the new due date would be October 15th.
But, if people owe money then the taxes are still due April 15th. If they don't pay by April 15th then the interest and penalties start to get calculated starting April 16th.
The penalties are based on the amount that is owed. It isn't based on income. The more you owe the more the penalties are. The interest is at 3% and the penalties are .5% on the amount that is owed.
How can I avoid penalties?
If you can send in a payment with the extension then I can help out!
I'll do a quick estimate of how much you should pay and send a payment in with the extension. Then at least they don't have to worry so much about the interest and penalties.