I want to start off by welcoming our newest client “Dependable Carpet Cleaning” – They are a Carpet Cleaning Spokane Company. Servicing the entire Spokane area with outstanding service. Check out their awesome reviews on Facebook.
We also have a new sponsor for our city’s youth baseball team “Wall2Wall Cleaning Service” They are a St. Louis Pressure Washing Company. It’s company’s like theirs that keep shirts on our pee wee baseballers.
TAX SEASON IS OVER
I hope that everyone had a smooth tax season as it’s been a couple months since it ended. We look forward to making your life easier when it comes to all tax preparations next year. You may be thinking what are my tax people doing now that their season is totally over. I’m sure they are basking in the Hawaii sun counting all the money they made during the busy time. Now it’s just all down hill until the beginning of 2017 right?
Boy I wish it was that easy for us. Believe it or not, yes the months March and April are very busy times for us but even after April 15th we stay pretty busy. We have hundreds of customers that pay us to do their day to day book-keeping and Payroll. It’s definitely not as busy as the tax season months, but busy enough to cut that Hawaii vacation short. With the busy season only 8 months away you can guarantee if there is a beach vacation to be taken we are on it.
Let’s talk about the 15APR individual returns. You will need Schedule K1 from any partnership or S corporation in order to start the individual returns. These are called the “pass through” entities where the individual holds some ownership interest. Because partnership returns weren’t due until 15APR, the same date as the individual returns – Tax preparers were often left in a tight spot.
C-Corps on the other hand aren’t the same, they are not flow through entities. They usually pay their own taxes. Congress over the last couple years made a couple tweaks to the system to make it easier on everyone. By changing some of the due dates it would clean up the process of trying to prepare and file some of the same returns by the same due date. This change will take effect in 2017 the due dates will be as follows:
Partnership – 15MAR
S-Corp – 15MAR
C-Corp – 15APR
Individual – 15APR
You are probably thinking why change all of this when you can file for an extension? There are two major problems with doing this:
- People hate extending their returns
- Congress is the worstThe first one is pretty simple to understand – A client gets a date in their mind and they expect the tax return to be done by then. If the extension comes from the client not having all the information ready that’s one thing, but if they have done their part to get the tax preparer all the correct information, then the tax return is extended, well this just doesn’t go over very well with the client.The second one is a little harder to understand – What does congress have to do with my tax return and whether it’s extended. We will talk more about this in one of the following blogs. This may take a while.
Without making anything too complicated listen folks – taxes are only taxes. Try your best, don’t cheat the system and you’ll be fine. No need to get stressed out or scared over any of those sometimes offensive words.