If you missed the April 15 tax filing deadline, don’t ignore it. The best move now is to take action quickly. Filing late can increase penalties and interest if you owe money, but the sooner you respond, the more options you may have.

At GLM Accounting & Business Advisory, we encourage taxpayers to focus on solutions, not stress.

1. File Your Tax Return as Soon as Possible
If you missed the filing deadline, submit your federal tax return as soon as you can. Waiting longer may increase penalties if taxes are owed.
Even if you requested an extension, remember: an extension gives you more time to file, not more time to pay. Interest and penalties may still apply to unpaid balances.
Electronic filing options, including Internal Revenue Service Free File, are available through October 15, 2026, for eligible taxpayers.

2. If You Owe Taxes, Pay What You Can Now
Can’t pay the full balance? File anyway.
Many people make the mistake of delaying their return because they can’t pay in full. That often creates larger penalties than necessary.
Instead:

• File your return now
• Pay as much as you can now
• Reduce future penalties and interest
• Explore payment plan options

3. Consider IRS Payment Options
The IRS offers several secure ways to pay taxes owed, including:

• IRS Online Account
• IRS Direct Pay
• Electronic Federal Tax Payment System (EFTPS)
• Debit card, credit card, or digital wallet
• Installment payment plans

Business owners may also qualify to use the Business Tax Account portal to review balances, payment history, and make payments.

4. You May Qualify for Penalty Relief
Some taxpayers may be eligible for penalty relief if they have filed and paid on time during the past three years and meet other qualifications.
This can be valuable, especially for taxpayers with a solid compliance history who simply had an unusual year.

5. If You’re Owed a Refund, File Anyway
There is generally no penalty for filing late if you are due a refund.
However, many taxpayers leave money unclaimed by not filing. You may still qualify for valuable refundable credits such as:

• Earned Income Tax Credit
• Child Tax Credit

Even if your income was low, filing may still benefit you.

6. Work With a Trusted Tax Professional
Late filing situations can often be resolved faster and more efficiently with experienced guidance. A qualified tax professional can help reduce stress, identify options, and ensure forms are completed correctly.

GLM Final Thought
Missing the deadline is not ideal. Ignoring it is worse.
The smartest move now is prompt action. File, pay what you can, and create a plan.
If you need help catching up, resolving penalties, or reviewing your options, GLM Accounting & Business Advisory is here to help.

Why Changing Your Business Strategy May Be More Urgent Than Ever
For many business owners, strategy reviews happen only when sales decline, competition increases, or a major problem appears. But in today’s environment, waiting for clear warning signs can be costly.
Markets move faster. Customer expectations change quickly. Technology reshapes industries. Labor costs shift. Consumer habits evolve. What worked two years ago may already be losing effectiveness.
The businesses that stay strong are often not the ones doing the most. They are the ones willing to reassess what still works, what no longer fits, and what needs to change next.

What Business Owners Should Be Asking Right Now
Instead of simply pushing harder on the same plan, ask:

• Are our customers’ priorities different than they were a year ago?
• Is our pricing still aligned with the market and our value?
• Are we spending money on marketing channels that no longer produce results?
• Are there services or products we should add, remove, or improve?
• Is our team focused on the highest-value work?
• Are competitors solving problems faster or better?

These questions are not signs of weakness. They are signs of leadership.

Sometimes the Real Growth Move Is What You Stop Doing
Many owners focus only on what to add:

• New marketing
• New staff
• New software
• New offers

But real progress often comes from removing:

• Inefficient systems
• Low-profit services
• Outdated processes
• Unclear messaging
• Time-consuming distractions

Growth is not always expansion. Sometimes it is refinement.

Why Waiting Can Be Expensive
When businesses delay needed changes, they often experience:

• Shrinking margins
• Slower decision-making
• Team frustration
• Lost customers
• Cash flow pressure
• Missed opportunities

By the time the numbers clearly show a problem, valuable time may already be gone.

How GLM Helps Business Owners Navigate Change
At GLM Accounting & Business Advisory, we work with business owners to bring clarity to the numbers and confidence to the decisions behind them.
That can include:

• Reviewing profitability by service or product line
• Cash flow planning
• Budgeting for strategic moves
• Forecasting future revenue
• Identifying waste or inefficiencies
• Building a smarter growth plan

Good decisions need good information.
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Final Thought
Changing your business strategy is not admitting failure. It is recognizing reality.
Strong leaders do not cling to outdated plans. They adapt, improve, and move forward with purpose.
If your current strategy no longer feels aligned with today’s market, now may be the right time to review it.

For many small business owners, the start of the year is more than tax season. It is also the right time to review performance, evaluate trends, and build a realistic sales forecast for the months ahead.
In uncertain conditions, forecasting is not about being perfect. It is about making better business decisions with clearer direction. If you did not do this then, now is the second best time...

Why Forecasting Matters
A sales forecast helps business owners make smarter decisions about:

• Hiring
• Marketing investments
• Inventory purchases
• Cash flow planning
• Revenue expectations

It also shows financial discipline, which can strengthen confidence with lenders, investors, and key business partners.

Break Revenue into Categories
Instead of looking only at total sales, separate revenue into categories such as:

• Products
• Services
• Client groups
• Revenue streams

This makes it easier to see what is growing, what is slowing down, and where opportunities may exist.

Use Last Year as Your Starting Point
A practical forecast often begins with prior-year results.
If sales during the same period last year were $100,000, use that as a baseline and adjust for:

• Pricing changes
• Inflation
• Customer demand
• Market conditions

The goal is a realistic target, not an optimistic guess.

Watch the Drivers Behind Revenue
Revenue is influenced by key indicators such as:

• Conversion rates
• Customer retention
• Average sale size

Tracking these numbers often reveals where improvement can increase sales.

Factor in Seasonality
Most businesses have natural highs and lows during the year.
Retailers may peak during holidays. Service businesses may experience slower seasonal periods.
Using historical patterns helps spread expectations more accurately throughout the year.

Forecasting Supports Better Strategy
If you are planning a new campaign, adding staff, or expanding services, your forecast should help answer one question:

​Does the business support the move right now?
At GLM, we help business owners use financial information not just for reporting, but for planning, decision-making, and long-term growth. 📈

​Tax season tends to bring out two things: a rush to file… and a surge in scams.
Every year, the IRS releases a list of common schemes targeting individuals and business owners. And while the tactics evolve, the goal is always the same—get access to your money or your personal information. The problem is not just the scams themselves.
It’s how convincing they’ve become.
If you’re not paying attention, it’s easy to mistake a scam for something legitimate.
​
Why This Matters
Tax-related scams can lead to:

• Stolen identities
• Fraudulent tax filings
• Lost refunds
• Compromised business or financial accounts

And once it happens, it’s not a quick fix. Cleaning it up can take months.

Common Tax Scams to Watch For

1. IRS Impersonation (Calls, Emails, or Texts)
Scammers pose as the IRS claiming you owe money or are due a refund.
They often:

• Create urgency (“Pay immediately or face penalties”)
• Threaten legal action
• Ask for payment via gift cards, wire transfers, or crypto

Reality: The IRS does not initiate contact this way or demand immediate payment through those methods.

2. Phishing Emails and Fake Links
You may receive emails that look official, asking you to:

• “Verify your information”
• “Click to claim your refund”
• “Update your tax details”

These links are designed to capture your login credentials or personal data.
Reality: The IRS does not send unsolicited emails asking for sensitive information.

3. Fake Tax Preparers (“Ghost Preparers”)
Some individuals offer to file your taxes but:

• Don’t sign the return
• Don’t provide a copy
• Disappear after filing

They may inflate refunds to take a larger fee or use your information fraudulently.
Reality: A legitimate preparer signs your return and includes their PTIN (Preparer Tax Identification Number).

4. Refund and Credit Scams
Scammers promise “guaranteed” large refunds or credits you may not qualify for.
They may:

• Ask you to file false information
• Charge fees based on refund size
• Encourage aggressive or inaccurate claims

Reality: If it sounds too good to be true, it usually is—and you are responsible for what’s filed under your name.

5. Social Media Tax “Hacks”
There has been a rise in misleading advice online encouraging people to:

• Claim credits improperly
• File false income or deductions
• Use loopholes that don’t actually exist

Reality: Following bad advice can result in audits, penalties, and repayment of refunds.

How to Protect Yourself- This doesn’t require paranoia—just discipline.
Be cautious with communication

• Don’t click links from unknown or unexpected sources
• Verify any “urgent” request before responding

Work with trusted professionals

• Use a reputable tax advisor
• Avoid anyone who guarantees results or avoids signing your return

Protect your information

• Use strong passwords and secure networks
• Do not share sensitive information casually

Slow down

• Scammers rely on urgency
• Taking a moment to verify can prevent a costly mistake

From a GLM Perspective- Most tax scams don’t work because people aren’t smart.
They work because people are busy. When something looks official and creates urgency, it bypasses your normal decision-making process.

That’s why having a clear system matters:

• Who do you trust for tax advice?
• Where do you verify information?
• How do you respond when something feels off?

If those answers aren’t clear, that’s where problems start.

Final Thought
Clarity protects you.
If something doesn’t feel right, pause before acting. A quick conversation with a trusted advisor can save you from a much bigger issue later.
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If you ever receive something questionable related to taxes or the IRS, feel free to reach out—we’re happy to take a look and help you determine what’s real and what’s not.