Damon Palestra photo
Palestra Financial logo

"In Memoriam of our Founder, our Patriarch, and my Partner...

Rest in peace, Dad"

Palestra Financial

 

1904 Duck Slough Blvd., Trinity, FL 34655

 

Phone: 844-WHY-PLAN™

 

 

Website: www.PalestraFinancial.com

September 2024

Financial Tasks for September

Happy young coffee shop owners waiters baristas bartenders service staff standing outdoor near their cafe with laptop and decorating pumpkins preparing for Halloween on background.

With the new year just around the corner, now is a good time to review some of the key tax moves you should make before 2025.


Pay your third quarter 2024 estimated tax. Generally, the estimated taxes for the third quarter are due on September 15. However, since that due date falls on a Sunday, you have until Monday, September 16, to pay this year. You can pay electronically or use a Form 1040-ES mail voucher. Mailed payments will be on time if the envelope bears a U.S. Postal Service post no later than Sept. 16, 2024.


File your 2023 business tax return if your calendar-year partnership or S corporation requested a six-month filing extension. Small businesses filing Forms 1065 or 1120-S late can face hefty penalties. The IRS charges a minimum penalty of $235 (for 2023) for each month or part of the month the return is late multiplied by the number of shareholders or partners. This due date is also September 16, 2024.


Maximize retirement plan contributions. If you can contribute more to your 401(k) plan you have until the end of the year to do so. Or, if you qualify by income, you have until April 15, 2025, to make the 2024 maximum IRA contribution of $7,000. If you are age 50 and older, you can add another $1,000 in catch-up contributions.


Review your business structure with your tax and business advisor to see if a different structure might be more tax-effective, especially if you have not done that in some time.


Wherever possible, maximize deductions before year-end. If your business has the cash, stock up on supplies or equipment you’ll need soon anyway.


Consider whether to defer income to 2025 or accelerate it to 2024. Deferral is the usual strategy. But accelerating may make sense if you have carryover tax credits to use or expect a higher income in 2025 and want to even out taxes.


Don’t trash furniture and equipment you’re no longer using. Instead, donate it to a nonprofit organization so your business can claim a charitable deduction for the gift.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.