CalculusBeyond Simple Accounting

Tax & Accounting Resources

Essential guides, deadlines, and insights to help you navigate tax season and financial planning.

Key Tax Deadlines

Individual Tax Returns

April 15

Deadline for filing personal federal income tax returns (Form 1040).

Quarterly Estimated Taxes

Apr 15, Jun 15, Sep 15, Jan 15

Quarterly tax payment deadlines for self-employed and those with income not subject to withholding.

Business Tax Returns (C-Corp)

April 15

Corporate tax return deadline for calendar year C-corporations (Form 1120).

Business Tax Returns (S-Corp, Partnership)

March 15

Tax return deadline for S-corporations (Form 1120-S) and partnerships (Form 1065).

Extension Deadline

October 15

Final deadline for filing individual and business returns if an extension was filed.

Retirement Contributions (IRA)

April 15

Last day to make IRA contributions for the previous tax year.

Tax Preparation Documents

Individual Returns

  • •W-2 forms from all employers
  • •1099 forms (interest, dividends, contractor income)
  • •Investment statements and crypto transactions
  • •Mortgage interest statements (1098)
  • •Property tax records
  • •Health insurance documentation (1095-A, 1095-B, 1095-C)
  • •Retirement account contributions
  • •Charitable contribution receipts

Business Returns

  • •Profit & loss statements
  • •Balance sheets
  • •Business income records (sales, invoices)
  • •Business expense receipts and documentation
  • •Asset purchase and depreciation records
  • •Payroll records and 941 forms
  • •Business vehicle mileage logs
  • •Home office documentation (if applicable)

Choosing a Business Entity

Sole Proprietorship

Simplest structure for individual business owners. Easy to set up with pass-through taxation.

Pros:

Minimal paperwork, complete control, easy tax filing

Cons:

Unlimited personal liability, harder to raise capital

LLC (Limited Liability Company)

Flexible structure providing liability protection with pass-through taxation options.

Pros:

Personal asset protection, flexible management, tax flexibility

Cons:

State-specific regulations, potential self-employment taxes

S Corporation

Corporation with pass-through taxation for up to 100 shareholders.

Pros:

Liability protection, potential tax savings, easier to transfer ownership

Cons:

Strict IRS requirements, reasonable salary mandate, limited shareholders

C Corporation

Traditional corporation structure with separate tax entity status.

Pros:

Unlimited shareholders, easier to raise capital, corporate tax benefits

Cons:

Double taxation, extensive compliance requirements, complex structure

Year-Round Tax Planning Tips

1

Maximize retirement contributions (401k, IRA, SEP-IRA)

2

Keep detailed records of all business expenses

3

Consider tax-loss harvesting for investments

4

Track mileage and home office expenses accurately

5

Make estimated quarterly tax payments to avoid penalties

6

Review withholdings and adjust W-4 if needed

7

Take advantage of health savings accounts (HSA)

8

Bunch charitable contributions in high-income years

9

Consider timing of income and deductions

10

Review entity structure for tax optimization

11

Plan for major purchases and their tax implications

12

Stay informed about tax law changes

Need Professional Guidance?

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