We hope you are looking forward to a productive and prosperous 2023! We look forward to supporting your business needs this year!
Shout out…
Valentine’s Day is just around the corner. If you are looking for unique gifts, check out a couple of our valued clients whose products may inspire you.
The Gardner’s Wife is a curated collection of small batch, hand made goods for home and life, and specializes in dried floral arrangements, self-care products, with a sprinkling of home and lifestyle goods.
Caleesi Designs Jewelers creates original and custom jewelry designs, and offers excellent suggestions without pressuring or intimidating. Their mission is to give customers the best experience possible while staying true to the laid back, casual vibes of their South Austin neighborhood.
Important Tax Deadlines…
The beginning of the year brings tax deadlines along with it. See the table below for a list of important deadlines this year.
For calendar year tax returns reporting 2022 information that are due in 2023, the following due dates will apply.
Estimated Tax Payments
Form 1040-ES, Estimated Tax for Individuals
Texas Franchise Tax
Annual franchise tax reports are due Monday, May 15, 2023. When tax due dates fall on a weekend or holiday, the due date will be the next business day. There are distinctions between Non-EFT and EFT Franchise Taxpayers. You can see more information on the Texas Comptroller tax page.
You can also see this article from Intuit with deadlines and detailed guidance for each one. The primary resource for each taxpayer is the IRS Publication 509.
Important Tax Preparation News…
UPDATE on Form 1099-K:
The IRS has postponed the lower reporting threshold of $600 for Form 1099-K. Please see this article from the Journal of Accountancy for details.
The IRS has prepared guidance to help you get ready to file your 2022 federal income tax return. It includes information on what’s new and what to consider when you file. Take small steps to get organized now in order to file your return on time and with less stress.
Standard Mileage Rate Increase…
The IRS increased the standard mileage rate to 65.5 cents per mile for 2023. You can read the details here.
Ease into 2023…
Even though we’ve mentioned the unavoidable tax deadlines above, we want to remind you that self-care is still a priority. Renee Trudeau, life-balance and self-care expert, offers us these three questions. It’s still a good time to reflect on last year and determine what matters most for this one.
If life has been feeling a little overwhelming, consider a Horselink HorsePower Workshop on building emotional resilience. Horselink is a local non-profit that envisions a world that appreciates and benefits from the horse~human relationship. They are offering workshops in March and April designed to be fun and empowering. No riding is involved and no horse experience is necessary.
Our team is here to help you stay on track.
Please reach out to your DMR team member if you have any questions about any of the above mentioned tax deadlines. It’s our mission to provide clear direction and steady support as we help you close your books for the last fiscal year.
Be sure to schedule a meeting with Deidra. And kudos to those of you who already scheduled with her!
We wish you a happy, healthy, and prosperous year!
Thank you for choosing DMR Accounting & Consulting!
