Upcoming Deadlines

📆 Just passed - March 17: S Corporation & Partnership Filing Deadline

If you haven’t filed your return yet, make sure you (or your CPA) filed an automatic 6-month extension — that’ll push your deadline to September 15. Already filed? Look at you, ahead of the game. Gold star. 🌟

📆 April 1: Required Minimum Distribution Deadline for First-Timers

If you turned 73 in 2024 and haven’t taken a required minimum distribution (RMD) from your qualifying retirement plan, you have until the end of the month to do so before being penalized.

📆 April 15: Individual & C-Corporation Deadlines

This is the big day! Depending on your tax situation, the following tax returns, extensions, estimates or deadlines should be on your radar:
• 2024 Individual Income Tax Return (or extension, if more time is needed to file)
• 2024 Corporation Income Tax Return (or extension, if more time is needed to file)
• 2024 IRA contribution deadline for Traditional and Roth contributions
• 2025 Q1 Individual Estimated Tax Payment
• 2025 Q1 Corporation Estimated Tax Payment

💡 Pro Tip: If you’re planning to file an extension, remember - it gives you more time to file, but not more time to pay. Pay any estimated taxes owed to avoid penalties.

💝 Maximize Your Non-Cash Charitable Giving

Thinking of donating to charity but not sure how much your donation is worth? You’re not alone! We’ve analyzed to the latest IRS data for taxpayers earning between $200K-$2M to give you an idea of what your the average taxpayer is reporting for their non-cash donations.

👇️ Here’s what we found:

💡 Quick tips to maximize your charitable deductions: 

• Keep records: For donations over $250, you need a receipt or written acknowledgment from the charity.

• Know the fair market value: Clothes, electronics, and household goods must be in good condition to be deductible.

• Go big with a donor-advised fund (DAF): Contribute now, take an immediate deduction, and decide later what organization will benefit.

• Consider donating appreciated stock: Avoid capital gains tax while maximizing your deduction. The average donation amounts above show just how impactful this can be.

🚨 The IRS ‘Dirty Dozen’ Tax Scams to Watch Out For

Each year, the IRS releases its Dirty Dozen list of top scams targeting taxpayers. This year’s biggest offenders:

🔺 ERC Fraud: Scammers promise big Employee Retention Credit refunds (even if you’re ineligible) and charge hefty fees. The IRS is cracking down hard.
🔺 Phishing & Fake IRS Calls: The IRS will never call you demanding immediate payment or threaten arrest.
🔺 Social Media Tax Myths: Be wary of viral tax schemes promising huge refunds through bogus deductions or loopholes. There’s a good chance you aren’t getting the full picture in a 90 second video.
🔺 Inflated Refund Schemes: Some providers lure taxpayers with refund promises that are too good to be true. If it sounds sketchy, it probably is.

🚦 For a full list of what to keep an eye out for according to the IRS, check out the complete 2025 dirty dozen list here.

🖥 Tax Implications of AI & Digital Side Hustles

With the rise of AI-generated content, digital freelancing, and online business ventures, many taxpayers are unknowingly creating tax obligations. Here’s what to know if you’re earning income in the digital space:

💻 AI-Generated Content & Gig Work: If you’re making money from AI-assisted writing, art, or coding, the IRS considers it taxable income - even if it's a side gig.
📈 NFTs & Digital Assets: Selling NFTs or digital collectibles? They’re taxed as property, meaning capital gains tax applies. Short-term sales are taxed at ordinary rates, while long-term gains benefit from lower tax rates.
🖊 Freelance & Contract Work: If you’re being paid by another business, you’ll likely receive a 1099-NEC. You’re responsible for paying self-employment taxes, so you should always be keeping track of related expenses, and consider estimated tax payments if your profits becomes meaningful.
🏦 Payment Apps & Thresholds: Apps like PayPal, Venmo, and Cash App must issue 1099-Ks if you receive over $600 in business transactions. Not reporting this income to the IRS is almost guaranteed to trigger a notice or audit down the line.

💡 Pro Tip: If your digital income is growing, consider structuring as an LLC or making an S Election to take advantage of tax benefits.

🎧️ Tax Talk Unfiltered

It’s peak tax season, so we’re giving you two new episodes of Tax Talk Unfiltered:

🎙 Episode 3: Rachel, Tal and I break down the tax implications of natural disasters—because when it rains, it pours... and sometimes the IRS still wants a piece. 🌧️💸 

🎙 Episode 4: Julie and Shoshana dive into last-minute tax season prep. 
Spoiler alert: There’s still a bit of time to make smart moves before April 15!

And if you missed episode 2, where we discussed the pros/cons of electing S-Corp status, here’s another chance to catch it. You’re welcome.

Check out our YouTube channel for more tax wisdom — real insights, zero fluff. Got a topic you want us to cover? Send it our way. Yes, we make short clips as well (you’re welcome, attention span).

🗞️ Taxes in the News

We’ve been busy sharing expert insights across top media outlets. Here’s where you might have seen us this month:

• Forbes – Tal Binder, Gelt’s CEO, shares six powerful ways to increase your net worth, covering tax-smart wealth strategies.

• Success – Rachel Richards, Head of Product, breaks down must-know tax tips for small business owners looking to reduce their tax burden.

• The Sun – Need your refund fast? Rachel provides expert tips on avoiding IRS refund delays.

• Fortune – Rachel explains who qualifies for the home office tax deduction.