Today is the deadline for personal income tax! Did you enjoy Emancipation Day yesterday? This Washington, DC only holiday is why the tax deadline is April 17th this year. On Emancipation Day, we were here in the office working up tax returns and, of course, extensions. Perhaps you have seen commercials for companies who charge up to $20 to file an extension. Well, if you are our client and we have your name, address and tax ID, we have already filed your extension free of charge. Whether you are a client or not, here are some important things to remember on Tax Day:
- As long as we have your name, address and Social Security number, we have filed an extension already. If you are a new client and have talked to us about filing, but have yet to send us your information, today is the deadline. We need to file your extension by the end of the day today.
- If you think you are going to owe, today is the deadline to make a payment. The IRS will extend your time to file, but not your time to pay. Whether you know what you are going to owe or not, the IRS wants it all by the 17th. They will charge penalties and interest on balances paid after the deadline, regardless of whether or not you file an extension.
- If you have quarterly estimated tax payments due, the first one is due today. If you think you should be paying quarterly estimates, but don’t know how much to pay, please contact us and we will work that up for you.
- Don’t forget! Income taxes aren’t the only thing due this month. Payroll taxes are due by the end of this month. Your corporate annual report, at least for Florida companies, is due by May 1st. If you have more than $25,000 in tangible assets and you are our client, we have extended your Florida Tangible Tax return to May 1st as well. There are no more extensions available for these items.
- Do you like getting huge refunds at the end of the year? Would you rather keep more money throughout the year? Are you paying thousands in underpayment penalties every year? Is the “Taxes” line still blank on your budget for 2012? Do you know the tax implications of the healthcare law and expiration of current tax rates in 2013? Are you ready for automation, simplicity, mobility, in your bookkeeping and accounting processes? How about this: are you ready for a bookkeeping process that produces analytical information that actually means something and is helpful for you? Tax season ends today. Let’s get to work on making 2012 the best year of your business’s life.