The answer is complicated. If your return is simple and you’re up to date on deductions you might claim, using an online service such as TurboTax or H&R Block might be the answer. It’s a different scenario for most small business owners.
If you’ve built a business from the ground up, you probably know your industry, customers, and services like the back of your hand. When it comes to the ins and outs of taxes, accounting, and finance, it never hurts to have an experienced professional to turn to for guidance.
Richard Holley, the owner of Holley & Company in Aiken, started his career in 2006 with Cherry Bekaert in Augusta and later moved to their Aiken office. A few months ago, he opened his CPA firm in Aiken.
“This is more than preparing taxes, it’s also about building a trusting relationship and helping make decisions and developing strategies that impact long-term success,” explained Holley.
The advice Holley gives could apply to business owners with several employees or those who are self-employed.
“Planning and budgeting appropriately are key, especially if you are in a situation where you should be filing quarterly taxes.”
Some tax deadlines that might be helpful for individuals or business owners:
March 15, 2023:
- Deadline to file business tax returns for partnerships, S corporations, or LLCs that are taxed as partnerships (note that this is the deadline for calendar year filers). While most taxpayers fall under this category, there are special exceptions for fiscal-year taxpayers. If your tax year doesn’t start on Jan. 1, you will instead follow the IRS fiscal year due date.
- Deadline to file Form 2553 to switch your business election to an S corporation for the tax year 2023. If you miss this deadline, your business will not be treated as an S corp until the calendar year 2024.
April 18, 2023:
- Deadline for C corporations, sole proprietorships (Schedule C), single-member LLCs or LLCs taxed as corporations, and individuals to file their tax return.
- Last day for you to make 2022 contributions to traditional and Roth IRAs.
2023 quarterly estimated tax payment deadlines:
If you are self-employed or receive any form of income that requires you to pay estimated taxes, here are the estimated tax due dates for 2023:
- April 18, 2023 – Deadline for 2022 Q1
- June 15, 2023 – Deadline for 2022 Q2
- Sept. 15, 2023 – Deadline for 2022 Q3
- Jan. 16, 2024 – Deadline for 2022 Q4
Another piece of advice from Holley could offer peace of mind in the long run. “Meet with your CPA on a regular basis or at least a couple of times a year. Having a team of professionals surrounding you is paramount to success.”
If you aren’t quite ready to submit your taxes beyond the deadline, you can file an extension. That return is due on Oct. 16, 2023.
“In this world, nothing can be said to be certain, except death and taxes,” Benjamin Franklin. Franklin made that statement in 1789, although even in 2023, of those two there is only one in which you can get an extension.
For more information on the services offered by Holley & Company, visit their website or call 803-844-0705.
Editor’s Note:
Mitzi Oxford is a veteran broadcaster and features writer who also worked at the same television station in Columbus, Georgia as Augusta’s Brad Means!
If you have a South Carolina story idea for Mitzi, please email her at mitzioxfordcreative@gmail.com.
