Archive for June, 2010
Tax Return Extension Due Date
June 29th, 2010
Tax Return Extension Due Date
Question: Late S Corp Tax Return – Should I Files Extension Now?
I spaced out our S Corp return which was due March 16th thinking it was due April 15 with personal taxes – spouse and I are only employees and shareholders. We were going to file an extension because it is allowed to make profit sharing contributions for the previous tax year (in this case 2008) until the extended due date of the return. This would save us several thousand on taxes and get stock bargains at this point.
I am anxious today that I remembered I am a MONTH late almost with the Corporate Tax return. Can you still file for an extension and get it for a corporation?
We don’t owe any corporate taxes, so it is really a matter of the consequences to our personal taxes. I’m stressed! Any advice or good, solid Tax Knowledge out there?
Answer: The date for filing an extension was March 16, but you need to have the corporate return prepared to get the K-1 for your individual taxes.
If you do not owe for the corporation there is no late filing penalty.
what do i do if i dont have the money to pay my taxes when my Tax Return is due
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