Personal Tax Prep
April 15 is everybody’s favorite day of the year, isn’t it? Our mission is to show you how to pay the least income taxes legally possible, on every level. We do this by keeping up with the ever-changing tax code and by paying strict attention to your details. Additionally, we strive to make the process as painless as possible. We do not use organizers. Our theory is, if you can fill out a 20 page organizer, you can probably do your own taxes!
We are happy to assist you with individual tax prep, which includes the whole 1040 series and all those amazing sub-schedules. Of course, we automatically include the state forms.
In 2011, April 15 is a Friday.
Business Tax Prep
Sad as it is, businesses have to file income taxes, too. Corporations file Form 1120 and Sub-Chapter S Corporations file Form 1120-S. These are due March 15! (In 2011, this is a Tuesday.)
Partnerships, LLC’s and LLP’s file form 1065. This form is due April 15, the same as your regular personal forms. Remember to allow time for the K-1 to be delivered to all the partners! This is the form used to allocate the income or loss to the individuals.
If you have a sole member LLC, you should file a Schedule C along with your personal Form 1040. Since this Schedule is filed together with the personal Form 1040, it is due April 15.
Sole proprietors also file Schedule C together with the personal 1040.
Trusts & Estates
The fiduciary Form 1041 is also due April 15. The IRS has done a good job streamlining this form, but it is still 4 pages long. Of course, it can have subsidiary forms and schedules, too. This form collects all the information about income from a trust or estate, as well as all the information about expenses for its administration, and then allocates the net income among the respective beneficiaries in accordance with the particular governing documents. Please remember to allow time for the K-1′s to be delivered to all the beneficiaries who received a share of the income (or who are eligible to participate in any loss) from the trust or estate.
Extensions
Please note that while the extension for ordinary human beings is 6 months, the extension for businesses is only 5! This means procrastinators get to October 15 for their personal returns, but 1120 and 1120-S should be in by August 15, and 1065′s should be in by September 15. The IRS is taking these deadlines very seriously, and you should, too.
Additionally, you should know that if you owe money with your tax return but do not send a sufficient amount in advance with your extension, your extension will be retroactively disallowed and the interest and penalties on your underpayment will be calculated back to the original due date. Again, the IRS is taking this very seriously, and you should, too.
One last thing… We will do everything in our power to keep you from having to file an extension. We will coax and coddle and nag and pester and keep at you until it is done. Promise.
Miscellaneous
We also help with filing sales taxes and the myriad of other “fees” that can burden the small business owner.
