By working through your bookkeeping records on a monthly basis, we're able to provide a seamless tax process for you come tax season.On a high level, here is what you can expect during annual tax season with Heard:
Year End Documents To perform year-end adjustments to your books, Heard will request that you provide specific year-end documents. They are listed as an active to-do item on your Heard dashboard. If you are unsure see how to obtain and upload year-end documents.
If a to-do item does not apply; you can let us know by clicking on the three dots to the right of the To-Do and selecting “Not Applicable.”
Tax Checklist In this checklist, we'll collect any information needed in order to begin drafting your tax return. This is our time to better understand any important changes that may have happened to you in 2023, review your income and expenses, gather any relevant tax forms from you, and clarify some information about your deductions.
Bookkeeper Review Your bookkeeper will review your checklist and Year-End Bookkeeping documents. Once they've completed their review you will receive a notification letting you know that you are good to proceed with submitting your filings to your tax preparer. Your bookkeeper may have made changes - check to ensure that your income and expenses look correct. Approve and submit your checklist!
Tax Preparation Once your tax checklist is submitted, we’ll notify you via email to connect you with your Tax Preparer, who will review your information promptly. We ask that you be available for the next 7 business days to ensure the return is completed in a timely fashion.
Review and e-file Your tax preparer will complete and review your tax return. If all looks good, they will ask for your signature in order to e-file. If your return results in a balance due, your Tax Preparer will inform you of the amount owed, discuss payment plan options, and guide you on how to make the payment. If you are due a refund, your preparer will inform you and explain how you will receive it.
If you're filing as a Sole Proprietor, individual tax return as a Sole Proprietor (Form 1040) and are not tax ready by April 1, 2024, you will need to complete the extension survey in Heard to file an extension. This extends the filing deadline to October 16, 2024. Any payments due with the extension will be sent to you for approval before submission.