It Is April 15th!

By April 15, 2010 Individuals

There is a sense of festivity in the air.  Several hundred returns have come into our office, been worked up, and are on their way to the IRS or already arrived via E-file.  But it seems that for every return we finished and sent, there was an extension filed for someone else.  For our post-season clients, here are some things to remember:

– As long as we have your name, address and Social Security number in our system, we have filed an extension for you already.  If you are a new client and have talked to us about filing, but haven’t sent us this information yet today is the deadline to file an extension.

– If you think you are going to owe, today is the deadline to make that payment.  An IRS extension will extend the time you have to file, but not to pay.  Whether you know what you are going to owe or not, the IRS wants it all by the 15th.  It’s better to be overpaid and get a refund later in the year than to pay interest and penalties which are assessed monthly.

– If you make quarterly estimated tax payments, the first one is due today.  If you don’t know what to pay or don’t have the correct payment coupon, please contact us and we can prepare that for you.

– Don’t forget that payroll taxes and your corporate annual reports for Florida are due at the end of this month.  Also, if you have more than $25,000 in tangible assets and have not filed your Florida Tangible Form DR-405, extensions run out at the end of the month.

– Do you like getting huge refunds at the end of the year?  Would you rather keep more money throughout the year and get less back on April 15th?  Are you paying thousands in underpayment penalties each year?  Is the “Taxes” line still blank on your budget for 2010?  Do you really understand the tax implications of the HIRE Act and Healthcare Reform?  Are you ready for more automation, mobility, and simplicity in your bookkeeping and accounting processes?  Next week is the time to contact us and begin detailed tax planning for 2010.  Proper planning now can make April 15th of next year just another ordinary day!