Tax Tip Tuesday: May 1st Marks the Official End of Tax Season in Florida – Let’s Celebrate!

We made it, Florida! While the rest of the country was scrambling to hit the April 15th deadline, we were granted some breathing room thanks to disaster-related tax extensions. And now, we can officially close the books on the 2024 tax season this week.

Whether you were an early bird filer or took full advantage of the extended deadline, it is time to take a deep breath and give yourself—and your business—a well-earned round of applause.

So… What is Next?

Just because the filing is done does not mean the smart money moves stop here. In fact, now is the perfect time to set your business up for an even smoother experience next year. Here are a few post-tax season power moves:

• Review Your Return: Did you leave money on the table? Now is the perfect time to revisit your return while it is still fresh in your mind. Look for any missed deductions, industry-specific credits, or depreciation options.

• Adjust Your Withholdings or Estimated Payments: If you owed more than expected—or were surprised by a big refund—it is a sign your tax strategy needs tweaking. Overpaying means you are giving the government an interest-free loan. Underpaying could lead to penalties. Berman Hopkins can help you get ahead. Talk to us about adjusting your quarterly estimated taxes or payroll withholdings based on income changes, new contracts, or shifting expenses. Getting aligned now helps avoid unwelcome surprises and improves cash flow throughout the year.

• Reevaluate Your Entity Structure: Is your current business structure still the best fit? Your entity type affects how you are taxed, what you can deduct, and how you pay yourself. As your income grows or business goals shift, so should your tax approach. For example, if you are a sole proprietor or single-member LLC, it might be time to explore whether switching to an S-Corporation or partnership could reduce your tax burden. A quick strategy session with us can reveal options tailored to your goals.

• Meet With Your Accountant Now—Not Next Spring: Scheduling a mid-year or quarterly meeting with us allows for proactive planning rather than just reactive filing. Whether planning a major equipment purchase, hiring a new team member, or contributing to a retirement account, we can help you strategically navigate those decisions to optimize your savings throughout the year.

Time to Celebrate!

You got through another tax season, and that is no small feat. Whether you filed early or took full advantage of Florida’s extended deadline, you earned that team happy hour or a beach day with your crew.

Our team will be soaking up some well-deserved sunshine at the beach this week, and we hope you find time to enjoy your version of a tax season victory lap. Because this is not just about crossing the finish line—it is about building momentum for what is next. Here is to a profitable, peaceful, and well-prepped year ahead. We are proud to be your accounting partner every step of the way.

Here to Help Every Tax Season

If you have any questions, we are here to help. We build value-added relationships with each client to understand their business structure and provide solid solutions. Our approach offers direct access to the firm's decision-makers. Our innovative cross-functional services help businesses address the challenges ahead.