5 Last-Minute Tax Tips For Small Business Owners

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Welcome to Selfmade Finance School, our new money series with Block Advisors to help small business owners with their tax, bookkeeping, and payroll needs year-round. This week, we recap some major learnings to remember during tax season and give helpful tips for you to know before you file.

Over the past two months, I have taken you on a full tax journey. We talked about the pandemic, whether you should hire a tax professional (you should), new tax jargon that is now impressing all of your friends, and so much more. But the time has now come to put 2020 to bed, file your taxes and focus on the future. Even though the federal tax filing deadline has been pushed back by a month to May 17, go ahead and cross tax filing off your list now! But before you officially file, you should double check to make sure everything is in good order. Here are some final tips before you file:

Emma Matthews for Unsplash

Should You File An Extension?

If it is tax day and you still haven't filed your taxes, you should probably consider filing an extension so you don't mess anything up. For more info on this, please check this piece. Remember that just because you are filing an extension does not mean you don't have to pay your tax liability if you have one. Generally, you must pay at least 90% of your tax liability to avoid the 'failure-to-pay' penalty. Also, states have different rules on filing extensions. Many states require you to file a state extension in addition to a federal extension.

Double Check Your Math
My son's second-grade teacher is always reminding him to check his work. It's a good life lesson. This should be applied to checking all your documents before you officially file your taxes. According to the IRS, they found approximately two million math errors each year between 2015 and 2017. Depending on the type, an error might impact the size of your refund. If the IRS fixes a math error on your tax return, it will send you a notice indicating what was corrected and how it impacts your tax return and your refund. Depending on the size of your error, it could change the size of your refund, or result in a tax liability when you were expecting a refund. If you disagree with them, you will need to go through an appeal process which slows down your return and your refund.

"You can avoid this worry by filing your small business taxes with Block Advisors," said Cathi Reed, Regional Director, Block Advisors. "We guarantee 100% accuracy in our taxes, bookkeeping and payroll services and will reimburse you for penalties and interest if we make an error on your return."

Pay Close Attention To Instructions

Taxes and the forms that go along with filing your taxes are incredibly confusing. Also, make sure your basic information—such as your name, Social Security number and filing status—is correct and that financial information is reported on the right line. Always proofread and check for typos.

Katie Harp for Unsplash

A Few Other Common Errors to Avoid (according to the IRS)

Check for missing or inaccurate Social Security numbers. Also, make sure you spelled your name right, and remember to match your name exactly as it appears on your Social Security card. Finally, double-check that you've entered the right bank account numbers. Taypayers who are due a refund and choose direct deposit need to make sure they use the correct routing and account numbers on their tax return.

Sort Out Your Refund

Also, check to ensure you have told the IRS how you want your refund handled. If you overpaid your taxes and are due a refund, be proactive about where you want that money to go. If you do nothing, the IRS will send you a check in the mail. To expedite this, you can add your bank account information (account number and routing number) so that refund will be deposited directly into your account. You can also use your refund towards next year's taxes.

Finally make sure you keep a copy of your signed return, along with proof of filing (an acknowledgement that your e-filed return has been accepted by the IRS or a certified receipt for a paper return sent by mail). Having this proof will protect you from any claims by the IRS that you filed late or not at all. Also, keeping this copy readily available will help you get ready for next year's filing.

If you have been following along on this tax journey with me, you will know by now that my most important piece of advice is to hire a tax professional to help you with your filing. I also recommend that if you have a growing business or feel like you are over your skis in terms of optimizing your tax situation, you should hire someone to help you throughout the year. Block Advisors is a great option! They understand that most small business owners started their business to pursue a passion, not to crunch numbers. They'll take care of your tax filing and financial tasks so you can focus on what you love. I hope you are filed and are now sitting on a big refund. And I hope you have a great 2021.

*All details were sourced from IRS.gov and blockadvisors.com

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regards to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. O'Keeffe Financial Partners and any other entity listed herein is not affiliated with Kestra IS or Kestra AS Investor Disclosures: https://bit.ly/KF-Disclosures

Are you a small business owner looking for a good loan to grow your business? California Small Business Loan Match makes it easier to find the right loan for you. Loan Match pre-vets mission-driven lenders and matches you with the best lender for your business, at no-cost. Get started in less than 10 minutes with a brief pre-application and no credit check required!

Loan Match is powered by IBank, a state government agency that helps to promote healthier economies and improve quality of life in California communities. All lenders are enrolled in IBank’s Loan Guarantee Program, which helps bridge the gap between responsible lenders and small businesses.

Photo by RDNE Stock project

Wondering if you're eligible? Any business operating in the state of California, with 1 to 750 employees, is eligible. You just need to be a business entity (Sole Proprietor, LLC, Cooperative, Corporation, Partnership, S-Corporation, or Not-For-Profit), and operate in an eligible industry according to the 2022 NAICS codes (read: a legit business).

Here’s how it works:

Step 1: Fill out a short pre-application questionnaire that takes just minutes to complete. No credit check required!

Step 2: Based on your eligibility, they’ll match you with lenders who fit your needs.

Step 3: Review details about each lender, select the one you like, and they’ll connect you with them.

Step 4: The lender will reach out within three business days to complete the application process. (You’ll also get their contact info so you can follow up directly.)

Most California Small Business Loan Match lenders are certified as Community Development Financial Institutions (CDFIs), which means they offer competitive rates but specialize in helping borrowers who don’t meet the rigid lending criteria of traditional banks — for example, small businesses that have a lower credit score, a prior defaulted loan, or no up-front collateral. CDFIs specialize in helping people in lower-income communities too, and offer a much more flexible and affordable repayment plan than online lenders or Merchant Cash Advance (MCA) loans.

Check them out to help you grow your business, meeting our mission to help you succeed! Good luck!

Hero photo by Amina Filkins

Memorial Day weekend is nigh, and in the midst of planning your epic BBQ spread and a slew of themed cocktails, it's also time to start noting the Memorial Day sales you'll be shopping for a much-needed summer refresh. We've got the scoop on savings in just about every category – from beauty to home decor to fashion – so you know exactly when and where to save big.

Scroll on for the Memorial Day sales we're most excited about for 2024, and make sure to come back here for additional sale info!

Dyson V8 Cordless Vacuum

Target

What: Items up to 60% off

When: May 24-27

KitchenAid Artisan Series 5 Quart Tilt Head Stand Mixer

Amazon

What: Deals on everything from home goods to decor

When: Now through Memorial Day

Mila Mirror

Anthropologie Home

What: Savings on home goods

When: May 21-27

Peony Vase Thank You Card Set

Papier

What: 15% off stationery & photo books

When: May 22-29

Sherpa Deluxe Black Guarenteed On Board Soft Sided Dog & Cat Carrier

Petco

What: BOGO 50% off select summer products and 20% off select sherpa carriersWhen: May 24-27

Dallas IV Hat

Hood

What: 25% off sitewide with code USA25

When: May 23-27

CZ Crescent with Stars Necklace

Sterling Forever

What: 20% off sitewide with code SUMMER20

When: May 24-28

Stemless Wine Chiller Pair

VoChill

What: 20% off sitewide

When: May 17-27

The Coated Pan

Material Kitchen

What: 20% off (*promo excludes bundles and collaborations)

When: May 23-27

EOS Classic Organic Mattress

Naturepedic

What: 20% off sitewide with code MEMORIAL20

When: May 15-29

Pierrette Dress

SAYLOR

What: Extra 15% off sale styles with code MDAY24

When: May 27

Sea Green Pleated Tennis Skirt

Gold Hinge

What: 25% off sitewide with code MDAY25

When: May 23-27

Calista FAUXblo Thermal Blowout Brush

Calista

What: 20% off sitewide

When: May 24

CAROL Bike

CAROL Bike

What: Take $200 off sitewide on all CAROL bikes

When: May 24-30

Cartolina Louise Cover-Up

Cartolina

What: 30% off sitewide

When: May 22-28

Carve Designs Zella Mesh Pullover

Carve Designs

What: BOGO red, white, and blue swim; buy 1 swimsuit, get one swimsuit 50% off

When: May 23-27

Essentia Stratami Organic Mattress

Essentia

What: 25% off sitewide, plus receive free GOTS Certified Organic Cotton Sheets with qualifying mattress purchases

When: May 13-31

Harper Wilde Bliss Scoop Bralette

Harper Wilde

What: 20% off sitewide

When: May 24-27

MARLOWE. Soap Bar Discovery Gift Set

MARLOWE.

What: 20% off sitewide

When: May 27

Pura 4 Diffuser

Pura

What: 25% off sitewide through code only (subscriber early access: May 23-27), 25% off sitewide, plus subscribe to the Pura V4 and get a free car set

When: May 21-22

Vacation Classic Whip SPF 30

Vacation

What: 20% off sitewide, plus get a free boat keychain or pen on orders over $65 (while supplies last)

When: May 24-27

Sign up for our newsletter to stay up to date on these Memorial Day sales + all the best deals!

Brit + Co may at times use affiliate links to promote products sold by others, but always offers genuine editorial recommendations.

This post has been updated.

It's no secret that groceries feel more expensive than ever right now, and compounded by the fact the average American home throws away 322 cups of food a year, I'm determined to use up every bit of the food, sauces, and other cooking basics I buy. That's how I found Carleigh Bodrug. Her PlantYou page, and her Scrappy Cooking series (plus her new cookbook!), makes creating delicious recipes easier, and more fun, than ever.

What is scrappy cooking?

Image via SB Creative Studio

"Scrappy Cooking is the concept of transforming the world’s most commonly wasted foods into delicious recipes — and starting is as easy as chopping up a broccoli stem into a stir-fry," she tells me over email. "Seriously, it doesn’t have to be complicated. Look at the plants you have that you bring into your home every week, and see if there are ways to repurpose them."

With the help of Carleigh's Instagram page, I turned some broccoli stems into French fries and used up the last of my peanut butter for a noodle salad sauce. If you want to turn your groceries into a one-of-a-kind meal but aren't sure where to start, Carleigh recommends looking at every single aspect of the plant.

"Whenever I bring a plant into my home, I think about what part of the plant is discarded, and then I research whether or not it’s safe to consume (this part is important)!" she says. "Once I identify it’s edible, that’s where the fun begins. A great example of this is something like celery, which I buy often. I was discarding the celery leaves for years, only to find out they taste almost exactly like parsley and make a great base for a tabouleh style salad."

Is PlantYou vegan?

Image via SB Creative Studio

Yes, a lot of PlantYou's recipes are vegan, and they're all plant-based! Some of Carleigh's favorite recipes include mocha chocolate granola with spent coffee grounds, "chips" made out of beet greens, and pickle juice as a marinade (which is something I learned Chick-Fil-A does!). These recipes might sound intimidating or time-consuming, but that's exactly why Carleigh's PlantYou social media exists.

I can speak from experience that the videos are easy to both understand and put into practice. (Plus, the recipes are super versatile, because "when you’re cooking with just plants, if you screw something up, you can almost always fix it!"). But there are a few steps that always make these scrappy processes easier.

"The low hanging fruit to reducing food waste in your kitchen actually starts before you grocery shop," Carleigh says. "I always recommend people sit down for an hour one day a week, and make a really basic meal plan, outlining what they plan to eat for breakfast, lunch, and dinner. Then, before they head to the store, shop their fridge and pantry to avoid duplicate buying. Now it’s time to compile a shopping list, and only buy what you have a plan for! Done right, this will take care of 80 percent of your food waste."

What can I buy to save money on food?

Image via SB Creative Studio

In addition to meal prepping (check out our favorite apps to reduce food waste, too!), the PlantYou chef + author recommends having a few recipes that use up a bunch of ingredients in one go. "It’s really important to lean on staple recipes that allow you to 'clean out the fridge,' which is really what my new Scrappy cookbook is about," Carleigh Bodrug says. "I wanted to arm people with great base recipes (like stews, curries and stir fries), where they can interchange the vegetables and produce items they have on hand every week to reduce waste and save money."

"By using up leftovers, repurposing ingredients, and being more mindful about the food you’re bringing into your home, you'll notice a decrease in your grocery bill," she continues. "The average American family of four wastes over $1700 worth of groceries per year — which is like a phone bill every month! Not only does being Scrappy benefit your wallet, but it also feels great knowing you're making healthier choices and contributing to a more sustainable planet."

Okay, so you know what you want to eat, and you've budgeted for groceries, what now? "I look for ingredients that are versatile and can be used in multiple recipes to minimize waste," Carleigh says. "Quality, longevity, and sustainability are key factors in my purchasing decisions."

What is the proper way to store food?

Image via B+C

After you've whipped up recipes like the Fiesta Fries below, it's important to store them properly to ensure they're fresh for as long as possible. "Use quality food storage and meal prep containers, and keep fruits and vegetables separate to prevent them from spoiling," Carleigh tells me. "Different types of food will require different conditions for optimum long-term storage. This applies to fresh produce, as well as dry and canned foods."

We all have days we don't want to cook (PlantYou's Carleigh Bodrug included), which is the perfect opportunity to support a local business. "On days when I don't feel like cooking, I usually rely on quick and easy options like smoothie bombs from my freezer, which are in my new cookbook," she says. "I also often have homemade soup ready to go that I’ve made in advance or have frozen in the freezer. Sometimes, my husband and I opt for ordering in from local restaurants in our small town in Ontario, especially on Friday nights after a long work week. It's a convenient way to support our favorite vegan small businesses while enjoying a hassle-free meal."

PlantYou's Fiesta Fries — Delicious Loaded Fries You Can Make Today!

Image via SB Creative Studio

Ingredients:

  • 6 medium-size Yukon Gold potatoes, sliced to desired size, around 1/2 to 3/4 inch recommended
  • 1 tablespoon garlic powder
  • 1 tablespoon salt
  • 2 cups Vegan Ground Beef or your favorite vegan ground beef substitute
  • 1 (15-ounce) can black beans, pinto beans, or red kidney beans, drained and rinsed
  • 1 yellow or red onion, diced
  • 1 red bell pepper, seeded and diced 2 garlic cloves, minced
  • 1 teaspoon ground cumin
  • 1 tablespoon chili powder
  • 1 to 2 tablespoons water or extra-virgin olive oil

Suggested Toppings:

  • 1 tomato, diced
  • 1 jalapeño pepper, seeded and diced Handful of fresh cilantro (optional)
  • Juice of 1 lime
  • 1/2 cup Sunflower Cream Sauce

Instructions:

  1. Preheat the oven to 375°F, and line a baking sheet with a reusable baking mat or parchment paper.
  2. In a bowl, combine the sliced potatoes with the garlic powder and salt and toss until coated.
  3. Transfer to the prepared baking sheet and roast for 35 minutes, or until crispy, flipping halfway through.
  4. Meanwhile, in a large skillet, combine the ground “beef” with the black beans, onion, red bell pepper, garlic, cumin, chili powder, and the water. Sauté over medium heat for 5 minutes, or until the onion starts to turn translucent.
  5. Assemble on a serving platter with the fries on the bottom, topped with the ground beef mixture and your desired toppings.

Excerpted from PlantYou: Scrappy Cooking: 140+ Plant-Based Zero-Waste Recipes That Are Good for You, Your Wallet, and the Planet by Carleigh Bodrug. Copyright © 2024. Available from Hachette Go, an imprint of Hachette Book Group, Inc.

Carleigh Bodrug is the CEO and Founder of PlantYou, a New York Times Bestselling cookbook author and self-taught plant-based chef, famous for her simple take on low-waste and vegan recipes. Boasting over ten million followers between her social channels, Carleigh has gripped social media with her simple and delicious low-waste recipes that make plants the star of the show.

Her latest book, PlantYou: Scrappy Cooking: 140+ Plant-Based Zero-Waste Recipes That Are Good for You, Your Wallet, and the Planet, is out NOW!

Check out our Weekend Scroll for more delicious recipes!

Brit + Co. may at times use affiliate links to promote products sold by others, but always offers genuine editorial recommendations.

Lead image via SB Creative Studio

Amazon's adaptation of Casey McQuiston’s famed Red, White & Royal Blueblew our minds with its perfectly extravagant and messy royal romance. Prince Henry and Alex Claremont-Diaz stole our hearts with their antics, proving that love isn't always as cookie cutter as we think it should be. Not only that, but it was the LGBT film we never knew we needed until it hit the big screen last year.

If you've been missing Prince Henry and Alex, you're in luck because a sequel to Red, White & Royal Blue is officially coming! Here's everything we know about the latest developments!

Is the main cast returning?

Image via Jonathan Prime/Prime Video

I'm happy to share that Nicholas Galitzine and Taylor Zakhar Perez are returning! I honestly don't think the Red, White & Royal Blue sequel would be the same if they weren't.

However, no other cast information has been released! Hopefully we'll see Uma Thurman and Clifton Collins, Jr. reprise their roles!

What's the sequel going to be about?

Image via Prime Video

As of yet, Variety reports that not much has been confirmed about the sequel's plot or release date. My guess is that there the two lovebirds will have to juggle new responsibilities and mishaps.

What the original plot of "Red, White & Royal Blue?"

Image via Prime Video

The novel centers around the character of Alex Claremont-Diaz, a first son of the United States, and his romantic relationship with Prince Henry, British royalty.

Take a walk down memory lane with these behind-the-scenes pictures 👀

www.instagram.com

Matthew López on Instagram: "“Yes, this is exactly how I always dreamed it would be. Locked in a cupboard with your elbow inside my rib cage.” #rwrbmovie"

www.instagram.com

Nicholas Galitzine on Instagram: "The bois 📸 @aneeshtheactress"

www.instagram.com

Matthew López on Instagram: "Spent the last two weeks rehearsing with @nicholasgalitzine and @taylorzakharperez It’s been a joy to watch Henry and Alex come to life in the room. Excited to make this movie with them. Here we go! #rwrbmovie @primevideo 📸: (the great Stephen Goldblatt)"

We cannot wait to see what new adventures are two lovebirds will cook up in Red, White & Royal Blue, but for now we’ll be rereading (and rereading) RWRB.

Stay updated on all the latest entertainment new with Brit + Co.

Header image courtesy of Amazon Prime Video.

This post has been updated.

Summer is incomplete without a good pair of shorts that you can pull on for any given occasion – evening strolls, happy hours, farmer’s markets, and the like. But sometimes, the major struggle is finding a shorts style that feels and looks good (chafing is absolutely not the move). Luckily, Abercrombie & Fitch has so many cute shorts that aren’t a literal pain in the butt.

Abercrombie & Fitch is currently having a sale on all of their shorts! Here are the details:

  • Dates: May 10-13
  • Deals: 25% off ALL shorts, plus 15% off everything else (like dresses, jeans, tops, and more)
  • Stackable promo code: ‘AFSHORTS’ for an additional 15% off

We love A&F because of their versatile styles and their very impressive size range. They have a plethora of materials to shop from, including denim, linen, and fleecy lounge shorts. These are our favorite styles for summertime!

Denim Shorts

High Rise Dad Shorts

Dad shorts are an anti-chafing hero – this pair in particular boasts a longer hem than your usual denim shorts. The inseam measures about 5 inches, so you have more coverage! These A&F shorts are made to have a relaxed fit throughout the hips and thighs. We adore this light denim wash, but you can also shop these shorts in 8 other colors.

The High Rise Dad Shorts are shoppable in sizes 23-37 on sale for $52.50 (was $70).

Curve Love High Rise Dad Shorts

You can also shop A&F's dad shorts in the brand's Curve Love silhouette, which is made with an additional 2 inches through the hips and thighs to help eliminate gapping. Trust us, we know the pain of shorts not fitting right, which is why these pieces are so great!

The Curve Love High Rise Dad Shorts are shoppable in sizes 23-37 on sale for $48.75 (was $65).

Mid Rise 10" Loose Shorts

Long bermuda shorts like these seem to be another emerging denim trend for 2024. They look so chic with other summer capsule wardrobe staples like laid-back sandals and basic tank tops! Abercrombie & Fitch knows what's up, and this mid-rise number is perfectly on-trend. The inseam lands around 10 inches, with a loose fit all around the legs. You'll totally appreciate the additional length for comfort reasons!

The Mid Rise 10" Loose Shorts are currently available in sizes 30-33 on sale for $52.50 (was $70).

High Rise Loose Shorts

We truly cannot resist a high waist! While other shorts may fit snug against your figure, these let loose a bit for maximum breathability and comfort. The high rise still compliments your waistline, too. They're crafted from a vintage stretch denim material that moves with you, but still retains a bit of structure.

The High Rise Loose Shorts are shoppable in three other colors and sizes 23-37 on sale for $52.50 (was $70).

High Rise Mom Shorts

Mom shorts will never go out of style, in our opinion. A&F champions this timeless style with a super high-rise waist, 2.5 inch inseam, and a classic cuffed hem. The denim material that swarms these shorts is considerably stretchy, which is a massive perk for tackling the hot summer weather.

The High Rise Mom Shorts are also available in the Curve Love style, which accounts for 2 extra inches in the hips and thighs to fit your curves the right way. This style is available in sizes 23-37 on sale for $48.75 (was $65).

Curve Love High Rise 90s Cutoff Shorts

White shorts are a quintessential vacation piece, and these ones made in a 90's-inspired silhouette just can't be beat. The loose-fitting leg and 3.25-inch inseam allow for freedom of movement, whether you're walking, standing, or sitting down. The waistline fits you in a subtle v-shape, flatting your figure instantly.

The Curve Love High Rise 90s Cutoff Shorts are shoppable in 3 other colors and sizes 23-37 on sale for $48.75 (was $65).

Linen Shorts

Linen-Blend Pull-On Shorts

Linen shorts are so much more fuss-free than denim ones, but they can look just as put-together and elevated. Case in point: these pull-on linen shorts! The elastic high-waist pulls things together (without any buttons, no less!) and makes getting ready a total breeze. The inseam falls at about 3.5 inches, plus this cutie style has pockets!

The Linen-Blend Pull-On Shorts come in 9 other colors and patterns in sizes XXS-XXL on sale now for $37.50 (was $50).

Premium Linen Scallop-Hem Tailored Shorts

These scalloped shorts with an elastic waistband look like the perfect summer uniform, TBH. Their 100% linen construction means otherworldly breathability, especially when it feels like a million degrees out. A&F even sells coordinating linen tops if you want to step out in a matching set.

The Premium Linen Scallop-Hem Tailored Shorts are shoppable in three other trendy colors and sizes 23-37 on sale now for $52.50 (was $70).

Curve Love A&F Sloane Tailored Linen-Blend Shorts

Though these high-rise linen shorts lack some pretty cool scallops like the previous pair, their waistline pleats and sophisticated belt loops are everything. They're giving office chic in the best way possible! The generous 4.5 inch amps up the comfort levels of these shorts with ease, but the details from the cuffed hem to the seamless pockets make them a bit more luxe.

The Curve Love A&F Sloane Tailored Linen-Blend Shorts are shoppable in sizes 23-37 on sale now for $52.50 (was $70).

Lounge Shorts

Vintage Sunday Shorts

The Vintage Sunday Shorts boast a thick, durable fleece material that feels oh-so luxurious – even if you're just wearing them for a session of rotting on the couch. The wide, elastic high-rise waistband is fitted with drawstrings so you can find your perfect fit. These A&F shorts come prepared with two side pockets to hold your phone and/or your fave lip balm!

The Vintage Sunday Shorts come in 7 other fun colors and sizes XXS-XL on sale for $37.50 (was $50).

YPB neoKNIT Unlined Shorts

These short-shorts lean more athletic, but they work just as well for lazy weekends. They're made from a sweat-wicking neoprene material, making for exceptionally light and breathable wear. The curved bottom hem grants you more mobility, too. Plus, there's pockets!

The YPB neoKNIT Unlined Shorts are shoppable in 2 other colors and sizes XXS-XXL on sale for $30 (was $40).

Subscribe to our newsletter to shop more amazing sales on summer styles!

Brit + Co may at times use affiliate links to promote products sold by others, but always offers genuine editorial recommendations.

Images via Abercrombie & Fitch.