As a sole proprietor, what are the important dates and deadlines I need to be aware of?
If you're a sole proprietor, then you must sign up for Heard and submit all required documents by February 15 to receive an on-time tax return. If you sign up after that date or need more time, then we will file an extension on your behalf.
Here are important dates to keep in mind to ensure we file your return on-time.
February 15, 2024
You must upload the following documents: bank statements for all business accounts used in 2023, income and merchant fees reports, Form W-3 (if applicable), contractor payments reports (if applicable).
March 15, 2024
Provide information around your business transactions, income, and expenses.
April 1, 2024
Provide all required information or documents needed to prepare your taxes.
Your completion of the above tasks determines whether your taxes are filed on time. If you don't complete these tasks on time, an extension will be filed for you.
As an S corporation, what are the important dates and deadlines I need to be aware of?
If you're an S corporation, then we will automatically file an extension for you.
Here are the import dates to keep in mind to ensure we file your return accurately.
March 1, 2024
Complete your extension request survey. This helps you avoid a "failure to file" penalty.
July 1, 2024
Gather and submit your catch-up bookkeeping documents. This includes bank statements for all business bank accounts from January 1, 2023 to December 31, 2023, or all months for which the bank account was open. It also includes Income, Balance, or Tax Reports from EHR/EMR/Credit Card processor, 2023 W3 (if applicable), contractor payment reports from payroll providers (required if using a payroll provider to pay contractors).
September 1, 2024
Complete your Business Tax Checklist and close your 2023 books by confirming your business, financial, and personal information and uploading relevant tax forms based on the information you provided. You'll also clarify any outstanding transactions, add in your business income, and check your final numbers for tax reporting and to maximize deductions.
October 1, 2024
Complete your Personal Tax Checklist by confirm your personal information, filling us in on any big changes in 2023, answering a few questions about your personal expenses, and uploading relevant tax forms based on the information you provided.
How does the annual commitment work?
By signing up for 2023 tax services from Heard, you acknowledge and agree that you are signing up for a full year's subscription and will not be entitled to any refund or cancellation of fees owed to us should you choose to terminate your subscription early.
What does it mean to file an extension?
Filing for extension on a tax return gives you additional time to file and to get financial records and tax documents in order. This helps you to avoid a "failure to file" penalty. You are still responsible for submitting any payments owed to the government by the tax filing due date, but your tax return can be submitted later. Heard files an extension request on your behalf.
What if I am starting my practice in 2024 and don't need 2023 tax services from Heard?
Congratulations on starting your practice! The good news is you can still work with Heard. Our all-in-one platform handles your monthly bookkeeping and quarterly estimates, with the option to opt-out of 2023 annual taxes.
What if I am behind on quarterly taxes for last year?
If you didn't pay estimated quarterly taxes this year, or if you missed a payment, then you are likely to be charged a late penalty fee that also accrues interest. Based on how much you have paid in prior quarters, you may still be subject to underpayment penalty fees that you'd be responsible for paying if you didn't pay or you underpaid in previous quarters of that tax year.
A note from the IRS on tax liability and penalty fees: “Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller."
