As of the writing of this post, it is mid-August and the tax extension deadlines are coming up quickly!
If you were not able to file your business or personal return timely, you had the opportunity to file for an extension of time to submit your return.
The extended deadline for personal tax returns is October 15th, which will come more quickly than you think.
The extended deadline for business returns (FYE 12/31) is September 15th. That is only one month away.
Your tax preparer will need all of your information as soon as possible in order to timely file your return. For most preparers, this will mean at least two weeks before the due date.
Please also keep in mind that, although you have an extension of time to file the return, you do not get an extension on the time to pay the tax. This means that any unpaid taxes from the original due date will continue to accrue interest and penalties until paid, regardless of when the return is filed.
For any further questions, consult your tax advisor…and get that information in today!
-Heritage Accounting and Tax Services