With two months to go, I thought this week's article might serve as a reminder that for many business owners, the last day to file returns is September 15th. While the actual due date passed on March 15th, the 6-month extension commonly filed is set to expire and brings forth stiff penalties to those who are in violation.
For those business owners structured as S-Corporations and Partnerships, this means a penalty of $195 per partner, per month. No further extensions are available, and left un-filed, this can result in an exponential waste of money to be paid to the IRS. Instead of scrambling at the last minute in pandemonium, let this serve as a call to get your paperwork together and begin methodically preparing your return now.
As always, if you have questions, or would like professional assistance, you can reach me at 423-622-3156. Tax Preparation shouldn't be a sprint, and with our help it doesn't have to feel like a marathon either.