Posted July 17, 2019
If you want to extend your tax returns, a few things to keep in mind. First, we must get explicit approval from you to extend your tax returns. We cannot legally file an extension without permission. So, if we don’t hear from you an extension will not be filed. Failure to file is a huge penalty (5% per month based on tax due).
Second, an extension to file is NOT an extension to pay. Taxes are due upon the original filing deadline (March 15 for S Corps and Partnerships, and April 15 for Individuals and C Corps). If you want us to help determine your general tax liability so you may send a payment with the extension, please let us know by the eFile Authorization deadline above. Failure to pay is a smaller penalty (0.5% per month based on tax due).
Don’t be fooled by pass-thru entities. Several states such as California, New Jersey and others have a business tax return which computes a business tax, such as a franchise tax.
Failure to file and failure to pay penalties do not apply when you are receiving a tax refund. Here are some important dates to keep in mind throughout the year-
|January 15||Q4 estimated tax payment for prior year|
|March 15||S Corp (Form 1120S) Partnership (Form 1065) tax returns Flex spending (FSA) requests|
|April 15||Individual (Form 1040) tax returns C Corp (Form 1120) tax returns Q1 estimated tax payment IRA or Roth IRA contribution for prior year|
|June 15||Q2 estimated tax payment Soft extension for expats|
|September 15||Q3 estimated tax payment S Corp and Partnership on extension|
|October 15||Individual and C Corp tax returns on extension|
|January 15 Next Year||Q4 estimated tax payment|
|January 31 Next Year||W2s and 1099s to recipients|
|February 28 Next Year||W3s for all W2s issued for the previous year|
IRS Publication 509 details all kinds of dates way beyond the biggies above. Check it out-
You can also import the tax calendar into MS Outlook, Gmail or your smart phone by visiting the IRS. Nothing like having even more dings and dongs on your phone. But here ya go-
While we can’t stop time, we can certainly help you plan!