Tax Day . . .

[Russ H]

Hoo boy, glad that's over.

Owning lots of businesses means filing lots of tax returns. Today was a busy day.

Oct 15 will be a cakewalk, by comparison-- we only have to get our personal taxes done.

Celebrated w/a 'date night' (got a sitter) at our favorite restaurant. Yumm!

-Russ H.

 

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[AJ.]

w00t w00t!

Glad that's done this year for you.

Question: Why September?
Why not the typical April 15th?
Or is it another type of tax filings?

And since I'm pestering: October 15th?
Another deadline? Yet for business returns?

Just curious as to the dates!
Last two years the companies I incorporated filed on April 15th.
Thanks for the instruction on the subject!

-- AJ
.

 

[Gaulkin]

w00t w00t!

Glad that's done this year for you.

Question: Why September?
Why not the typical April 15th?
Or is it another type of tax filings?

And since I'm pestering: October 15th?
Another deadline? Yet for business returns?

Just curious as to the dates!
Last two years the companies I incorporated filed on April 15th.
Thanks for the instruction on the subject!

-- AJ
.

Your allowed to defer your tax liabilities to October.

 

[Russ H]

AJ-

Many of our businesses run on Jan-Dec fiscal years (others do not). So we always get extensions, and Sept 15 is the end of that. We find this works well for us in the B&B biz, since now (when we file/pay) is our "peak" season, so we have the most $$$ for paying taxes.

Businesses that do a majority of their income/revenue at the holidays (Nov/Dec) would probably elect a fiscal year that gives them a Jan 31 file/due date (after extensions).

October 15 is the end of extensions for our personal taxes.

-Russ H.

 

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[AJ.]

AJ-

Many of our businesses run on Jan-Dec fiscal years (others do not). So we always get extensions, and Sept 15 is the end of that. We find this works well for us in the B&B biz, since now (when we file/pay) is our "peak" season, so we have the most $$$ for paying taxes.

Businesses that do a majority of their income/revenue at the holidays (Nov/Dec) would probably elect a fiscal year that gives them a Jan 31 file/due date (after extensions).

October 15 is the end of extensions for our personal taxes.

-Russ H.

Ahh!
Thanks for the explanation... and the business wisdom!
Now I know!

And knowing is half the battle!
</end GI Joe>

Thanks Russ

 

[MJ DeMarco]

Your allowed to defer your tax liabilities to October.

Actually this is not true ... you are allowed to DEFER filing -- but the liabilities and estimated taxes must be paid on time, regardless of extension. If you do not (and wait until Sept/Oct 15) you will be charged penalties and interest.

Like Russ, I just filed my returns a few weeks ago too! I can't remember the last time I filed on April 15th, probably 15 years ago.

 

[tchandy]

w00t w00t!

Glad that's done this year for you.

Question: Why September?
Why not the typical April 15th?
Or is it another type of tax filings?

And since I'm pestering: October 15th?
Another deadline? Yet for business returns?

Just curious as to the dates!
Last two years the companies I incorporated filed on April 15th.
Thanks for the instruction on the subject!

-- AJ
.

I think it's also less likely that you'll be audited. At least that's what I've heard.

 

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[MJ DeMarco]

I think it's also less likely that you'll be audited. At least that's what I've heard.

Yup, that's what my accountant said too.

 

[TaxGuy]

Actually this is not true ... you are allowed to DEFER filing -- but the liabilities and estimated taxes must be paid on time, regardless of extension. If you do not (and wait until Sept/Oct 15) you will be charged penalties and interest.

I got to learn this first-hand this April... while I was hoping to see what a "mad-house" a tax office can be in Mid-April, I was shocked to see that it's quite calm b/c most have either filed or gotten extensions, not to mention April 15th only applies if you OWE, if you don't then I believe you have 7yrs to file to get your refund, but I'm in the process of learning.

BTW the title of this thread really piqued my interest as at the moment the Mrs. and I are on our way to getting into the tax biz... something that would've happened a couple yrs ago if I wasn't dumb and bought a house that tied me to the Chicago area

 

[Russ H]

. . . April 15th only applies if you OWE

Egg-Zactly.

So if you've set up your businesses/tax structure so that prepayments are made and/or your businesses lose money, this is not an issue.

-Russ H.

 

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[Gaulkin]

Actually this is not true ... you are allowed to DEFER filing -- but the liabilities and estimated taxes must be paid on time, regardless of extension. If you do not (and wait until Sept/Oct 15) you will be charged penalties and interest.

Like Russ, I just filed my returns a few weeks ago too! I can't remember the last time I filed on April 15th, probably 15 years ago.

Correct, you can defer your tax liabilities. You will be charged interest. Ive done this numerous times through my CPA.