September News To Know

September 1, 2023

As we move into September, it’s important to keep an eye on the calendar, especially if you filed an extension last spring. As a reminder, here are the upcoming deadlines for extensions: 

  • 1065 (Partnerships): September 15 
  • 1120S (S Corporations): September 15 
  • 1041 (Trusts): October 2 
  • 1040 (Individuals): October 16 
  • 1040–Schedule C (Sole Proprietors and single-owner LLCs): October 16 
  • 1120 (C Corporations): October 16 
  • 990 (calendar year): November 15 

In addition to upcoming deadlines, this month we are inviting you to start thinking about your year-end tax planning strategies and how you can optimize your financial situation. Last month, we shared some end-of-year tax planning strategies with you, specifically focusing on the PTE (Pass Through Entity) Tax, Cryptocurrency, Bonuses and Assets. You can revisit our August newsletter here

As you continue to plan for the end of the year, we have created a checklist of the five simplest things you can do to maximize your 2023 tax return. 

  1. Itemize your deductions 
  2. Contribute to your health savings account 
  3. Make a retirement contribution 
  4. Double-check your filing status 
  5. Claim applicable tax credits 

Though these strategies may not apply to everyone, we can help you assess your current situation and see what will work best for you.  

As always, we are here to help. If you have any questions about how you can minimize your tax burden and improve your financial health, please reach out to your CJBS team member today. 

Stay safe & healthy,

The CJBS Team