If you haven’t filed your taxes yet this year, we seriously hope that you were able to file an extension. Otherwise, you’ll be in big trouble with the Franchise Tax Board (read our previous post about this!) and it’s likely you’ll get hit with penalties and other charges when you do get around to filing. And we can help.
But if you did file an extension, the summer is coming to a close and that extension due date is fast approaching. If you filed an extension for your personal taxes, you have until October 15th, but if you filed that extension for your business, you’ve got just over 45 days left!
And if you’re now wondering why on Earth you put this off to deal with it at the end of the summer months, we’re here to remind you. Don’t miss out on all the opportunities that getting that extension allows you to take advantage of!
- There were new tax credits for workers, new car buyers, first-time homebuyers and homeowners, retirees, veterans, the disabled and families with children in college, so take your time and do your research. Take full advantage!
- If you had income from special situations, like the sale of a property, exercise of stock options or cancellation of debt income, you need to gather your records and talk to your tax professional for advice. Our number is below!
- Do you have investment income? Then it could be one of the reasons you filed for an extension, as many financial institutions were late in sending corrected 1099 forms with revised amounts for qualified dividends and foreign taxes.
And, in case you’re worried, filing for an extension does NOT make you any more likely to be selected for an audit!
If you’ve got questions about your taxes as you prepare them in time for the extension dates of September or October 15th, please feel free to give us a call. We’d love to help you get the most out of your money, and send less to the IRS—(714) 637-4552.