5 Tips to Make Filing Taxes a Little Easier

It's time to file your taxes! I know, not a very exciting time. Let me give you some tips on filing your taxes based on what I've learned and experienced to help make this as painless as possible.

If you are a business owner in Hawai'i, you must pay 3 taxes. That's one federal and two state taxes (GET and income) if you do business in Hawaii. If you're lucky, your state doesn't have high taxes for business owners.

Tip #1) File On Time

April 15, 2024 is the due date to file federal income taxes for the tax year 2023 with the IRS. In the U.S.Many states align with the same due date, but check with your state to confirm the due date for your GET and income tax. 

If you need more time, you can file an extension to file your your taxes for tax year 2023 by submitting Form 4868 to the IRS which extends your due date to file your taxes to October 15, 2024. Unfortunately, any taxes you owe is still due by April 15, 2024. Which means you'll be charged interest and fees until you pay your taxes in full. 

TIP #2) Maximize and Accurately Itemized Your Expenses

Thoroughly review all your expenses last year, document them, and itemize them in the appropriate place. As a business owner, we always want to make sure that you write off all applicable business expenses. Be honesty and do this with integrity. 

*If we worked together in 2023, then write this off as career development under a business expense if I coached you on leadership development (most of my programs do), business, career advancement, finances, conflict resolution, employee retention, increase work performance, entrepreneurship or anything connected to career development. 

That includes online courses, one-on-one or group coaching programs, and events you attended in person for which you paid. This is a major benefit when working with me that you can't get from any other life coach. 

TIP #3) Take Advantage of Tax Credits

Tax credits directly reduce your tax liability, making them valuable tools for tax relief. Always research and take advantage of any tax credits you may be eligible for, such as the Earned Income Tax Credit (EITC), Child Tax Credit, Education Credits, or Residential Energy Credits. It can significantly reduce your debt and even refund you if the credit exceeds your tax liability. *If you have a child but are not an involved parent, you may not be eligible for EITC. Always communicate with your partner's or child's mother/father and tax preparer to see if you qualify for this credit.

TIP #4) Explore Payment Options & Tax Relief Programs

If you owe more than $10k in taxes, you may be eligible for various payment plans, tax reductions, or postponing paying taxes by enrolling in the Fresh Start Program. Check here to see if you're eligible.

TIP #5) Consider Working with a Tax Attorney

If you're like me and want to make sure you lawfully do things right, consider working with a legal professional like a tax attorney, trained professionals specializing in tax law and understanding IRS procedures, regulations, and case law. They can provide strategic advice, negotiate with the IRS on your behalf, and represent you in tax court if necessary. There are many tax attorneys out there, but Tax Rise is one that I've spoken to, in which a group of 4 attorneys works on my behalf. This can give you peace of mind, knowing that you're following the law and protecting your assets as much as possible without having to do everything yourself. 

Happy to help you succeed! Want more personalized tips? Schedule a private consultation, and I’ll give you some advice you can use immediately at www.brandikianajo.as.me/life

Empowering entrepreneurs and leaders since 2015.

Coach Brandi Kiana-Jo

Brandi Kiana-Jo offers personalized advice to help maintain a thriving business while balancing life's demands. With over a decade of coaching experience and a dedication to integrity, she ensures clients maximize productivity, achieve work-life harmony, and navigate challenges confidently, providing peace of mind in every decision.