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April 2025 Reminders
April marks the beginning of a new financial quarter and the deadline for many important tax filings. Staying organized this month will help keep your business on track financially. Here are the key accounting and bookkeeping tasks to focus on in April 2025:
Accounting and Tax Deadlines
April 15: Tax Day for Individuals and C-Corporations
- Federal Income Tax Deadline: If you operate as a sole proprietor, single-member LLC, or C-Corporation (Form 1120), your 2024 tax return is due by April 15. If you need more time, file for an extension (Form 4868 for individuals, Form 7004 for C-Corporations) to avoid penalties.
- Quarterly Estimated Tax Payments (Q1): If you pay quarterly estimated taxes, your first installment for 2025 is due on April 15.
- IRA & HSA Contributions: This is the last day to make 2024 contributions to your Traditional or Roth IRA and Health Savings Account (HSA).
April 30: Payroll Tax Filings & Deposits
- Form 941 (Quarterly Payroll Tax Return): Employers must file Form 941 for Q1 2025 to report payroll taxes.
- Federal Unemployment Tax (FUTA) Deposits: If your FUTA tax liability is over $500 for Q1, the deposit is due.
Bookkeeping Recommendations
Close March’s Books & Reconcile Accounts
- Reconcile bank, credit card, and loan accounts to ensure accurate financial records.
- Verify that all customer payments and expenses are properly recorded.
- Identify and follow up on outstanding invoices to improve cash flow.
Sales Tax Filings
- Check state-specific sales tax deadlines and ensure accurate remittance of collected sales tax.
Payroll & Employee Updates
- Confirm payroll tax deposits are made on time.
- Review employee payroll records and benefits for accuracy.
- If applicable, update W-4 and state withholding forms for employees.
Expense Categorization & Documentation
- Ensure all expenses from Q1 are properly categorized.
- Store digital and physical copies of receipts, invoices, and financial documents for tax compliance.
Review recurring business expenses to identify potential savings.
Financial Planning & Strategy
Q1 Financial Review
- Compare your Q1 actuals to your budget and identify areas for improvement.
- Adjust forecasts for Q2 based on business performance.
Maximize Tax Deductions
- Before filing, double-check for missed deductions, such as:
- Business travel, meals, and home office expenses.
- Equipment, software, and professional services.
- Employee benefits and retirement contributions.
Cash Flow & Budgeting
- Assess cash reserves and adjust your budget for upcoming business expenses.
- Identify seasonal revenue trends and adjust spending accordingly.
Plan for Q2 Growth
- Evaluate marketing and sales strategies to meet revenue goals.
- Consider investing in new tools, technology, or talent to improve efficiency.
- Plan for any major upcoming expenses or business expansions.
Compliance & Business Insurance
- Review and renew business insurance policies if necessary.
- Ensure licenses, permits, and regulatory requirements are up to date.
- Stay informed about any new tax laws or compliance changes that may affect your business.
Final Thoughts
April is a critical month for tax filings, payroll compliance, and financial planning. By tackling these tasks proactively, you can set your business up for success in Q2 and beyond. Need help with bookkeeping, tax preparation, or financial strategy? VirtuCount Bookkeeping, Accounting, & Tax is here to assist!
Have questions or need assistance? Contact us today to stay ahead of your financial obligations and make informed business decisions!
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