profile

Mitchell Baldridge - America’s Accountant

🧮 Tax Extensions: There’s Still Time!

Published about 1 month ago • 1 min read

@baldridgecpa

ISSUE 27

Tax Extensions: There’s Still Time

​

It’s busy season over here, so this newsletter is short and to the point—because that April 15th deadline isn’t slowing down for anyone.

​

Feeling the pressure to get your return done? Here’s the good news: you still have time to file an extension.

​

An extension gives you until October 15th to file your return—plenty of breathing room to get things right. Just remember, it’s an extension to file, not to pay. If you think you’ll owe, make a payment with your extension to avoid penalties and interest.

When Does It Make Sense to Extend?

  • You're still waiting on important tax documents (K-1s, 1099s, etc.)
  • You made a lot of investment trades or crypto transactions and need more time to reconcile
  • You recently started a business or have complex self-employment income
  • You want to work with a tax professional who’s booked until after April 15th
  • You’d rather avoid rushing and risking a mistake on your return
  • You’re eligible for tax-saving strategies that need more time to plan properly

Filing an extension is straightforward:

  • E-file Form 4868 through most tax software.
  • Use the IRS Free File tool: IRS Free File Extension​
  • Mail a paper Form 4868 (just make sure it’s postmarked by April 15th)

​

Filing an extension is simple and often the better call if your return isn’t quite ready. If you need help with your return once your extension is filed, don’t hesitate to reach out to Better Bookkeeping. We're here to help!

Mitchell Baldridge, CPA, CFP®

Unsubscribe​ · ​PO Box 130844, Houston, TX 77219

Mitchell Baldridge - America’s Accountant

It's not what you make, it's what you get to keep

I work with hundreds of high net worth business owners and real estate investors and spend all my time thinking about how they can give less money to Uncle Sam

Read more from Mitchell Baldridge - America’s Accountant

@baldridgecpa ISSUE 32 Introducing OUR S-Corp Tax Savings Calculator Today, we're excited to announce a powerful new tool from the team at Better Bookkeeping. Our new S-Corp Tax Savings Calculator shows you in seconds how much you could be saving in taxes by structuring your business as an S-Corp. Here's how it works: Enter your annual business profit Input a "reasonable salary" for your role Share a bit about your business and personal tax picture Instantly see your potential annual tax...

5 days ago • 2 min read

@baldridgecpa ISSUE 31 A Guide to Self-Employed Retirement As a business owner, you're building a company and your future. But most of the business owners I work with are leaving behind serious savings by using the wrong retirement plan (or worse, no plan at all). Here's how to choose the right retirement plan that maximizes your tax savings while building long-term wealth. The 3 Options SEP IRA Contribution limit: Up to 25% of net earnings or $70,000, whichever is less Perfect for:...

12 days ago • 3 min read

@baldridgecpa ISSUE 30 The Book I Wish I Had Read 5 Years Ago Today we depart from our originally scheduled content to celebrate the release of Nick’s book The Sweaty Startup. On July 1, 2019, I sent my friend (though he was a random guy writing on Reddit at the time) Nick Huber a poorly written cold email. I didn’t know it then, but that email would change the course of my life. Nick was writing on the subreddit r/entrepreneur and he was saying things that were counter-positioned to any...

14 days ago • 2 min read