Upcoming Deadlines

📆 May 3: Disaster Relief

If you live or run a business in Alabama, Florida, Georgia, North Carolina, South Carolina, or parts of several other states, you may have until May 3, 2025 to file your 2023 tax return and pay any tax due without penalties or interest.

This IRS relief applies to areas impacted by hurricanes, wildfires, and other severe weather events. It covers:

• Filing of income tax returns

• Payments originally due between the disaster start date and May 3

• Quarterly estimated payments that fell within that window

• Contributions to IRAs and HSAs

📍 Not sure if you qualify? Check here.

💡 Filed on Extension? You’re Not Alone

Nearly 1 in 4 Americans filed extensions last year, and for good reason. Filing an extension isn’t procrastination, it’s strategic breathing room.

Here’s why it pays off:
🔄 Waiting on critical docs like K-1s
📊 Reviewing deductions and optimizing contributions
🏛 Managing complexity: multiple entities, investments, estate planning

Here’s what you want to keep in mind:

🗓 You have until October 15 to file your individual return(s)
💸 If you owe taxes, you still needed to pay by April 15
🔍 If you didn’t pay, penalties and interest may be accruing, but you can still minimize them with a partial payment.
📝 Use this extra time to finalize retirement contributions, review your entity setup, or gather missing K-1s.

✅ Need help prioritizing what to tackle next? Gelt can help you use the extension period wisely. Let’s chat.

💳 Can You Pay Taxes with a 0% APR Credit Card?

Yes, the IRS accepts credit cards. Paying with credit will cost you a ~2% processing fee, plus any additional credit card charges you might incur.

But here’s where it gets interesting: Certain 0% APR cards offer promotional periods up to 18 months. That means:

• You can preserve cash flow for investing or business use

• You might earn rewards or sign-up bonuses

• You get breathing room if the IRS bill hit harder than expected

Just make sure you pay off the balance before the interest kicks in.

Who this makes sense for:

• Investors moving cash between accounts

• High-income earners hit with an unexpected AMT charge

• Faster access to valuable credit card rewards or milestones

We’re working on a full breakdown of “debt as a tax strategy” soon—let us know if you’d like a preview.

🧾 “Where’s My Refund?” Here’s the Deal

If you’ve already filed and are waiting on a refund, here’s what to expect:

✅ Normal timeline: 2–3 weeks for direct deposit
⚠️ Delays possible if -You filed on paper, You claimed certain credits (like EITC or ACTC), The IRS flags your return for review

💰 Bonus tip: If the IRS takes too long, they may owe you interest (yep, it’s taxable).

🔎 Track your refund here

🗞️ Gelt in the News

Our team continues to be a go-to source for trusted tax and financial insights. Here’s where Gelt has been featured this month:

• Financial Planning – Tal Binder breaks down the benefits and potential pitfalls of electing S corp status, helping business owners weigh the tax advantages against compliance complexity.

• Business.com – Spencer Carroll shares when it’s time to call in a pro, offering smart guidance on hiring an accountant to stay compliant and optimize your tax return.

• GOBankingRates – Rachel Richards highlights common tax traps to avoid, helping taxpayers steer clear of costly mistakes amid shifting policies.

• Success – Spencer Carroll weighs in on the business migration to Texas, unpacking the tax and regulatory factors driving the shift in 2025

🎧️ Tax Talk Unfiltered

Real estate and taxes—what investors really need to know. From REPS to cost seg to passive income strategies, we’re breaking it all down.

🎥 Watch the episode & send us your topic suggestions!