Tax Planning for Deadline Extensions in 2020

The recording of my latest solocast takes place shortly after the September 15, 2020 filing deadline, and just before the October 15, 2020 personal extension deadline. I want to talk about some of the things we’ve seen related to these deadlines, and what steps we should be taking to make sure there are no problems moving forward. In this episode of the Progressive Dentist podcast, our focus is on the state of your accounting.

No Unnecessary Risks

When business owners don’t reach out to their CPAs, the responsibility to meet these deadlines falls on their plates. The problem is—when business owners look at their bottom line and the cash flow is good, they might overlook KPIs that tell a different story about the business’s performance. It is also possible that there are inaccuracies business owners might miss. Considering the CARES Act and the PPP loans, there has been so much out of the norm that it is easy to miss things. Don’t take that risk.

Start Planning With Pinpoint Accuracy

It is important that you are accounting for all of your PPP adjustments and distributions, because otherwise you may overstate your earnings and increase your taxes by mistake. Meet with your CPA, review your numbers, make sure your books are clean, and start the planning process with pinpoint accuracy. Communication is key in preparing for this and there is no downside to talking with your CPA. Start a conversation with them and figure out what you can do to keep more of what you make. As always, please visit me at www.theprogressivedentist.com for more informative, money-saving podcast episodes like this one.

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