Tax Season Still On................Time Running Out
Tax Season is still On........ We have few more days to go; If you are a Calendar Year Partnership or an LLC with more than one member, you must file a Partnership Return, Form 1065 as soon as possible, the Due Date is March 15th 2017.
This same Deadline applies to Calendar Year S Corporations ( Where Shareholders are taxed for Profits), you must file your Form 1120S by March 15th 2017. These Forms were previously due on the same date as the Owner's Form 1040, but from this Year 2017, the Date was marked up.
However For C Corporations (This is where Shareholders are taxed separately from the Business-; Subject to Double Taxation); Your 2016 Form 1120 is not due until April 18th 2017.
If you are not ready to file yet and know that you cannot meet the Due Date. You will have to file for an extension as soon as possible. But Remember you will have 6 months, up till September 15th 2017 to file the 2016 Returns. You would not want to pay heavy Penalties for not doing this.
However For Individuals and Sole Proprietors, Your Form 1040 is not due until April 18th 2017.
You have to act fast and ensure that your Accounting Records and Books are updated,so that you will not miss any Tax Deduction.
Have a Stress Free Tax Season.