CHARLOTTE – Let’s dive into what should be happening right now in the Last Quarter of 2020.
1) October marks the last month of the 2019 Tax Season. Any taxes filed without an extension will result in a late filing fee of up to 5%. Check with your Tax Professional to ensure your taxes filed were accepted and or the extension was accepted.
2) October is also the beginning of the fourth and last quarter of the year. You should be making arrangements with your accountant to make sure your Statement is categorized properly going into the fourth quarter. This final P&L Statement heading into the Tax Season starting in January 2021 should have limited adjustments if maintained well.
3) 3 rd Quarter: Sales Tax, NC Payroll Tax, NC Unemployment Tax, County Taxes, and 941 Federal Taxes are also due on October 15th or by the end of the month.
4) W2 Employed: Please check your last paystub to make sure the right amount of taxes is being withdrawn from your pay for the upcoming Tax Season.
5) Independent Contractor: Please make sure you have enough expenses/cash available to cover any tax liability on any additional financial assistance you have received over the last 9 months.
6) Upcoming Tax Season – January: We will focus on any tax changes that may take effect as a result of any financial assistance offered in 2020. Stimulus Checks Received Will Not Be Taxed
Side Note: Early Voting begins on October 15th! GET OUT AND VOTE!
If you have any questions, please contact me at (704) 526-0307, www.maysconceptllc.com or email@example.com for a free consultation and to set your appointment. Mays Concepts LLC, Remember, You Can Count On Me!