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As a small business owner, it’s essential to stay on top of your tax obligations throughout the year. One important aspect of tax planning is ensuring you have the correct amount of taxes withheld from your income.

At Lightening the Load, we believe in empowering small business owners with tax knowledge. This blog post will explore the topic of withholding adjustments and guide you through what to consider for the rest of 2025.

Who Should Consider Adjusting Withholding?

If you’re a small business owner who receives a salary from your business, such as a sole proprietor, partner, or S corporation owner, you should periodically review your withholding. This also applies to employees of small businesses.

Reasons to Adjust Your Withholding

There are several reasons why you might need to adjust your withholding:

• Changes in Income: If your income has significantly increased or decreased since you last set your withholding, you might need to adjust it to ensure you’re not underpaying or overpaying taxes.
• New Deductions or Credits: If you’ve become eligible for new tax deductions or credits, such as those related to dependents or education expenses, adjusting your withholding can help you account for these changes.
• Avoiding a Large Tax Bill: If you anticipate owing a significant amount of taxes when you file your return, increasing your withholding can help you avoid a large tax bill.
• Preventing Underpayment: Conversely, if you’re consistently receiving large tax refunds, you might consider decreasing your withholding to have more access to your money throughout the year.

How to Assess Your Withholding

• Review Pay Stubs: Examine your recent pay stubs to see how much is being withheld for taxes.
• Compare to Previous Returns: Compare your current withholding to your previous tax returns to see if there are any significant differences.
• IRS Withholding Calculator: Use the IRS Withholding Calculator to estimate your tax liability and determine if your withholding is appropriate.

Making Adjustments

If you determine that you need to adjust your withholding, you can do so by completing a new Form W-4, Employee’s Withholding Certificate, and submitting it to your employer. The W-4 form allows you to adjust the amount of taxes withheld from your paycheck.

Year-End Tax Planning

Withholding adjustments are just one aspect of year-round tax planning. As the year progresses, consider additional tax planning strategies, such as:

• Estimated Tax Payments: If you expect to owe taxes beyond your withholding, make estimated tax payments throughout the year to avoid penalties.
• Maximize Deductions: Keep thorough records of your business expenses and identify any potential deductions to reduce your taxable income.

Stay on Top of Your Withholding

By staying informed about your withholding and making necessary adjustments throughout the year, you can avoid surprises at tax time and ensure you’re paying the correct amount of taxes. At Lightening the Load, we’re here to support your small business with expert tax advice and guidance. Let us help you navigate the world of withholding and optimize your tax strategy.

Let us lighten your load.

For many small business owners, tax season can feel like a frantic race to gather documents and meet deadlines. But what if we told you there’s a better way? By adopting a year-round approach to tax planning, you can minimize stress, maximize savings, and gain greater control over your business’s tax liability.

At Lightening the Load, we believe that proactive tax planning is essential for small business success. This blog post will explore why tax planning shouldn’t be confined to April and provide you with smart strategies for year-round tax savings.

Benefits of Year-Round Tax Planning

• Reduced Stress: Avoid the last-minute scramble and anxiety that often accompany tax season.
• Maximized Deductions: Identify and track eligible expenses throughout the year to ensure you’re claiming all possible deductions.
• Improved Cash Flow: Plan for estimated tax payments to avoid surprises and maintain a healthy cash flow.
• Greater Control: Gain a deeper understanding of your tax obligations and make informed decisions that benefit your business.

Smart Tax Strategies for Every Season

• Q1 – Review and Organize:
  • Review your income and expenses from the previous year.
  • Organize your tax documents and ensure your record-keeping system is up-to-date.
  • Consider consulting with a tax professional to discuss your tax situation and identify potential planning opportunities.
• Q2 – Plan for Estimated Taxes:
  • Calculate your estimated tax liability for the current year.
  • Make quarterly estimated tax payments to avoid penalties.
  • Review your income and expenses regularly to adjust your estimated tax payments as needed.
• Q3 – Explore Tax Credits:
  • Research potential tax credits that your business might be eligible for, such as the research and development tax credit or the work opportunity tax credit.
  • Gather the necessary documentation to support your eligibility for these credits.
• Q4 – Year-End Tax Planning:
  • Consider strategies to minimize your tax liability, such as deferring income or accelerating deductions.
  • Review your tax plan with a tax professional to ensure you’re taking advantage of all available opportunities.

Common Tax Planning Mistakes to Avoid

• Neglecting Record-Keeping: Maintain organized and accurate records of all income and expenses throughout the year.
• Missing Deadlines: Stay on top of important tax deadlines, including deadlines for filing returns and making estimated tax payments.
• Overlooking Deductions: Research and claim all eligible deductions to reduce your taxable income.

Take Control of Your Taxes Today

Don’t wait until April to think about your taxes! By implementing these year-round tax planning strategies, you can minimize your tax liability, reduce stress, and gain greater control over your business’s financial health.

At Lightening the Load, we’re here to support your small business with expert tax advice and personalized solutions. Let us help you make tax planning a year-round advantage.

Let us lighten your load.

So, you filed a tax extension. You weren’t quite ready to hit “submit” by the original deadline, and now you’ve bought yourself some extra time. First of all—take a deep breath. Life gets hectic, and filing an extension was a smart move if it helped reduce stress or avoid costly filing mistakes. 

But now that the pressure of Tax Day has passed, what should you do with the extra time? And are there any downsides you should be aware of? Let’s explore the pros and cons of filing a tax extension now that you’ve taken that step. 

 The Upsides of Filing an Extension (That You Can Still Take Advantage Of) 

1. Time to Get It Right
   You now have until October 15 to file your federal tax return. Use this time wisely—gather missing documents, organize your paperwork, and make sure your return is accurate and complete.
2. Fewer Errors, Fewer Headaches
   Extensions help you avoid the stress of rushing. That means you’re less likely to make mistakes that could trigger an audit, delay your refund, or lead to costly amendments down the road.
3. More Time to Maximize Deductions
   With more breathing room, you can take a deeper dive into your finances. Are there any deductions or credits you missed? Don’t leave money on the table—this is your chance to make sure everything is in order.
4. Peace of Mind
   You’ve already taken the proactive step to avoid the failure-to-file penalty. That’s a win! Now you can move forward more confidently, knowing you have a plan in place.

But There Are Some Pitfalls to Watch Out For 

1. The Clock Is Still Ticking
   That extra time can fly by. Don’t wait until the last minute (again). Start now, so you’re not scrambling come October. Set a reminder and start chipping away at what needs to be done.
2. An Extension to File Is Not an Extension to Pay
   If you owed taxes back in April but didn’t pay at that time, interest and penalties may still be adding up. If you haven’t already made a payment, consider doing so ASAP to reduce additional charges.
3. Delayed Refund
   If you’re due a refund, waiting to file also means waiting to get your money back. If that refund was part of your financial plan, don’t leave it sitting with the IRS longer than necessary.
4. Easy to Forget
   Once the urgency of tax season fades, it’s easy to push your return to the bottom of the to-do list. But missing the October deadline can lead to the very penalties you were trying to avoid in the first place.

What’s Next? 

Filing an extension was a smart step if you weren’t ready. Now it’s time to follow through. At Lightening the Load, we help individuals and small business owners stay on track with their post-extension planning. Whether you need help organizing your documents, calculating any payments owed, or just getting it DONE—we’re here to help you every step of the way. 

Let’s make the most of this extra time and file with confidence. 

Let us help you lighten the load—before October sneaks up on you. 

Need help now that you’ve filed an extension? [Contact us today] or check out our free resources to get started. 

Tax season doesn’t always go according to plan. Maybe life got in the way, documents were missing, or you simply ran out of time. Whatever the reason, you filed a tax extension—now what? 

At Lightening the Load, we know filing an extension can bring a sigh of relief, but it’s not the end of your tax journey. Here’s what to do next to stay on track and make the most of your extra time. 

Understand What the Extension Really Means 

Filing an extension gives you more time to file, not more time to pay. The IRS grants you an automatic 6-month extension—typically pushing your filing deadline to mid-October—but if you owed taxes in April, those payments were still due then. If you didn’t make a payment, interest and penalties may be adding up. 

Now’s the time to calculate your tax liability if you haven’t already and make a payment as soon as possible to reduce those additional fees. 

Get Organized 

Use this extension wisely! Start by gathering all the necessary tax documents you may have been waiting on: 

• W-2s or 1099s 

• Expense receipts or deduction records 

• Proof of any credits you’re eligible for 

Organize them in a physical or digital folder so you’re not scrambling again before the new deadline. 

Review, Plan, and File 

Now that you have breathing room, take the opportunity to: 

• Double-check for deductions and credits you may have missed in the rush 

• Consult with a tax professional if you’re unsure about anything 

• Start entering your information early so you’re not stuck with a last-minute crunch again 

Make it your goal to file well before the extension deadline—there’s no benefit in waiting until the last second. 

Don’t Forget About State Taxes 

If you filed a federal extension, don’t assume your state return is automatically covered. Each state has different rules. Check with your state’s tax agency to confirm whether you also need to file an extension there and when that return is due. 

We’re Here to Help 

Need help figuring out what to do next or making sure your return is complete and accurate? That’s what we’re here for. At Lightening the Load, we specialize in taking the pressure off your shoulders and guiding you through the process—extension or not. 

Let’s finish strong—no more scrambling, no more stress. Reach out today and let us lighten your load. 

Tax season is upon us, and if you’re a procrastinator, the deadline might be looming large. But don’t panic! Even if you’ve waited until the last minute, you can still file your taxes accurately and avoid penalties.

At Lightening the Load, we understand that life can get busy, and sometimes taxes get pushed to the back burner. This blog post is your guide to navigating the tax season crunch and getting your return filed on time.

1. Gather Your Tax Documents

First things first, gather all the necessary documents. This includes:

• Income: W-2s from employers, 1099s for freelance or contract work, and any other relevant income statements.
• Deductions: Receipts for charitable donations, medical expenses, and any other potential deductions.
• Credits: Documentation for child care expenses, education expenses, or any other tax credits you might be eligible for.

2. Organize Your Records

Once you have all your documents, take some time to organize them. This will make the filing process much smoother and help you avoid missing any important information.

3. Choose Your Filing Method

Decide whether you’ll file your taxes yourself or seek professional help. If your tax situation is complex or you’re unsure about certain aspects, it’s always a good idea to consult with a tax professional.

4. Don’t Miss the Deadline!

If you’re running out of time, consider filing for an extension. This will give you extra time to complete your return without incurring penalties. However, remember that an extension only gives you more time to file, not more time to pay any taxes owed.

5. Double-Check Your Work

Before you submit your return, review it carefully to ensure accuracy. Common errors include incorrect Social Security numbers, misreported income, and math mistakes.

6. Consider E-filing

E-filing is the fastest and most efficient way to file your taxes. It also reduces the risk of errors and allows you to receive your refund more quickly.

7. Stay Calm and Carry On

Even if you’re feeling the pressure of the deadline, try to stay calm and focused. Remember, you’re not alone! Many people procrastinate when it comes to taxes. Take a deep breath, break down the process into smaller steps, and tackle them one by one.

Lightening the Load for Last-Minute Filers

At Lightening the Load, we’re here to support you, even if you’re a last-minute filer. We can help you navigate the tax season crunch, ensure you’re taking advantage of all available deductions and credits, and file your return accurately and on time.

Let us lighten your load.