Greenspace Financial

02/07/2022

Money Monday Tips! I hope 2022 is off to a good start for your business. Here are some important financial dates and timely updates on money.

1. Do not forget to renew your business and professional license with Fairfax County, Loudoun County, or Town of Herndon by March 1. If you have not gotten a hang on your business' books yet for the new year, this is a good reason to get it done sooner rather than later.
2. If you have a partnership or S corporation, keep in mind that tax return is due in about one month on March 15, 2022. If you have a two (or more) member LLC, you probably have a partnership!
3. If you file monthly sales tax in Fairfax county, January Sales tax is due February 20
4. Tax time is heating up. Whether you do your own taxes or work with a professional, most documents will be available online or in the mail soon if not already. If you are due a refund, please try to file as early as possible. Filing season is already open.
5. Would you like to drink wine and have snacks at Rowan Tree and learn timely financial information from me, Jenevieve Lenz, and Ellen Fishbein? Why, you can do that next week at our event! https://www.eventbrite.com/e/keep-more-of-your-money-top-eight-tips-for-2022-tickets-252222633687
6. Do you know you need to use email marketing but you don’t know where to start? The fabulous Amy Slenker-Smith can help you with that later this month!
https://members.workrowan.com/events/18-feb-2022-why-email-marketing-is-important-and-how-to-get-started-virtual
7. The IRS has recently made some changes to their partnership with ID.ME which has been making it very challenging to log in: https://www.washingtonpost.com/technology/2022/02/07/irs-idme-face-scans/

If you need any help with your taxes, please reach out to me or another tax pro soon. Are there any other significant money dates coming up on your radar?

Join us for this essential vibrant financial panel discussion to support you and your business in 2022.

01/10/2022

Money Monday Tips! It's a new year and a good time to be on top of your money game.

1. The final income tax estimated payment date is January 18 or next Tuesday. As long as the payment is made online or postmarked by that day, it's on time. If you think you owe taxes, try to get ahead of it by paying before April. If you overshoot you could get a refund. If you are likely to owe Virginia or another state, consider paying an estimate to them as well.

There are lots of important Jan 31 money deadlines, but not all of them apply to everyone. Call me if you are unsure about any of these!

2. January 31 is the deadline to file form 1099-NEC to your independent contractors so make sure you have W-9s from them.

3. W-2s are also required to be filed by January 31. Your payroll provider should be helping you with this.

5. If you file quarterly employer tax return 941 or VA payroll tax, that is due by January 31 too!

6. If you are self employed with a SIMPLE IRA, make sure to deposit your "salary deferral" contribution by January 31. You have much longer to deposit the employer match (up to the due date of return including extensions)

7. You still have until April 15 to start contributing to traditional IRA and Roth IRA accounts for 2021!

If you know of another important money deadline that's on your mind, I want to hear it.

01/10/2022

If you haven't met my cat Janelle, she is very stylish!

01/10/2022

If you are planning to make an estimated payment for 2021, you have eight days left! (Jan 18)