What is the filing deadline?
The deadline for C Corporation to file their 2023 taxes is April 15, 2024.
If you file an extension, the new deadline is October 15, 2024
What is needed from me before Bench can complete my 2023 books?
In order to file your taxes, you will need all your books completed for the year, as well as your year-end financial package. Your bookkeeper will prepare these for you. When your input is needed, they’ll let you know by sending you requests and updating your notifications in the Bench app. If they’re still missing information from you as the deadline approaches, they won’t be able to complete your books, and it may delay your ability to file your taxes on time.
In order to receive your year-end financial package on time, your bookkeeper needs you to complete all necessary tasks by March 15, 2024. This includes:
- Providing categorization input on any transactions that your bookkeeper requested help with.
- Uploading all missing documents needed for your books
You can see what’s needed from you by checking your notifications in the Bench app via the bell in the upper right corner of the app. You’ll be guided to the correct areas where your input is needed in order to complete your 2023 books.
When should I consider filing a tax extension?
Filing extensions is free and can offer you 6 extra months to get things in order for your tax filing. It also has no negative repercussions. Filing for an extension extends the deadline for filing, but not for paying. You will still have to pay your estimated taxes on time.
If your tax deadline is approaching and you don’t think you’ll be able to complete tasks to allow your bookkeeper to get your year-end financial package prepared, we recommend speaking to a tax professional and filing an extension. Read more about tax extensions here.
If you subscribe to Bench Tax, your Tax Team will take care of filing an extension for you well before your deadline. This is just to ensure you have a comfortable cushion.
What do I need to do to file my taxes?
When all your 2023 bookkeeping is complete, we will provide you with a year-end financial package which is a comprehensive package with your annual Income Statement, Balance Sheet, General Ledger, and Trial Balance.
Download your year-end financial package when it is ready by going to ‘Documents’ from the ‘My Books’ menu item.
Then navigate to the ‘Tax’ folder in the ‘Processed Documents’ section
If you are working with a CPA or tax professional, they can use the year-end financial package to file your business income tax return.
If you are filing your tax return yourself, here are some tips that can guide you through what you need to do.
If you’d like Bench to file your taxes for you, go to the Tax Center tab in the Bench app to see how we can file federal and state income tax returns for you.
Bench is filing my taxes for me. What do I need to know?
- To initiate your tax filing, our team will send you a request to complete a tax questionnaire online. Please fill out this questionnaire as soon as possible as your Tax Team will use the information to determine what needs to be factored into your tax preparation and filing.
- When your bookkeeper completes your year-end financial package, your Tax Team will begin preparing your filing. They’ll be in touch regularly with you via email for help or information as needed.
- Once we've received all of the information required to prepare your tax return, we'll have a draft tax return for your review within 10 business days.
- We recommend booking a call with your tax advisor to go through your draft tax return with them. They’ll be a great second set of eyes, and reviewing your tax return is one of the best ways to get insights into your business and determine how to maximize deductions for the next year. Tax Advisor calendars fill up quickly at this time of year, so make sure to book early to secure your spot.
- The not-so-fun stuff: If we are missing critical and/or current information about you, your bookkeeping, or your tax situation and therefore cannot file your returns on time, Bench will not be responsible for penalties, interest, or fees related to a late filing of a tax return.