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Extended Tax Return Deadline Approaching
I hope everyone is enjoying the last couple weeks of summer! Of course, the end of summer also means more tax deadlines. If you filed for an extension of time to file your individual or corporate tax return last spring, the deadlines for filing these returns is rapidly approaching. The deadline for extended corporate tax returns (S Corp & C Corp) is September 15th while the deadline for extended individual income tax returns is October 15th. We filed a lot of extensions for our clients this year so we expect to be very busy leading up to both of these deadlines. If you filed for an extension and still need to file your return, we encourage you to contact us as soon as possible so we can get started on your return to ensure that it will be filed by the deadline. Remember, you must file your 2007 individual tax return by October 15th in order to qualify for the economic stimulus payment.
Also, the 3rd installment of the 2008 estimated tax payments for individuals is due by September 15th. If you make estimated tax payments, be sure to send your payments in by the 15th to avoid penalties.
Enjoy this months newsletter! |
The tax law is all about semantics. For instance, if you're legitimately trying to make a profit in an endeavor, it may be classified as a "business" by the IRS. In that case, you can deduct the full amount of expenses relating to the business operation. Typically, you might show losses in the early years of ownership. These losses can be used to offset highly-taxed income such as investment earnings or wages from a full-time job (either yours, your spouse's, or both). Read more... |
