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. Tax Season Kickoff. In November, we'll reach out to you and ask what kind of tax support you'll need for the 2023 tax year via our Tax Season Kickoff. You'll have until December 31, 2023 to complete it.
2. 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 2023, review your income and expenses, gather any relevant tax forms from you, and clarify some information around your deductions.
If you were with us last year, you may remember that we had an "End-of-Year Review" task for you, where you reviewed your books. This year, we've added that task into the Tax Questionnaire to remove redundant work.
3. Tax Preparation. Once your tax questionnaire is submitted, our Tax Team will notify you when tax preparation has begun. Once you've been notified, your assigned tax preparer will require you to answer several follow-up questions. We ask that you be available for the next 7 business days to ensure the return is completed in a timely fashion.
4. Ready to 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 your return and offer you resources to submit payment on the federal and state levels. You'll submit your tax payments on your own, however we're always available to help if you run into any issues.
5. 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 1120-S) and are not tax ready by March 1, 2024, we will file an extension for you to ensure there is more time to file. This extends the filing deadline to September 15, 2024. 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, 2024, we will file an extension for you to ensure there is more time to file. This extends the filing deadline to October 16, 2024. Any payments due with the extension will be sent to you for approval before submission!