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:
1. Pre-Tax Season Survey. In October 2022, we'll reach out to you and ask what kind of tax support you'll need for the 2022 tax year via our Pre-Tax Season Survey. You will have until December 31, 2022 to complete the Pre-Tax Season Survey.
2. End-of-Year Financial Review. At the start of January 2023, you will be guided through a step-by-step review of your finances for the year.
3. Tax Questionnaire. In this questionnaire, 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 2022, gather any relevant tax forms from you, and clarify some information around your deductions.
4. Tax Preparation. Once your tax questionnaire is submitted, our Tax Team will notify you when tax preparation has begun. Once you've been notified, we will require you to answer several follow-up questions and ask that you be available for the next 7 business days to ensure the return is completed in a timely fashion.
5. Ready to e-file. We will complete and review your tax return. If all looks good, we will ask for your signature in order to e-file your return and offer you resources to submit payment on the federal and state levels. You may submit your tax payments on your own, or you can request Heard to do so on your behalf.
6. That's it – you're all done! And it's time for you to celebrate.
If you are filing an S-Corp tax return (Form 1120S) and are not tax ready by March 1, 2023, we will file an extension for you to ensure there is more time to file. This extends the filing deadline to September 15, 2023. Any payments due with the extension will be sent to you for approval before submission!
If you're filing a personal tax return (Form 1040) and are not tax ready by April 1, 2023, we will file an extension for you to ensure there is more time to file. This extends the filing deadline to October 16, 2023. Any payments due with the extension will be sent to you for approval before submission!