Personal Returns Due Now…Don’t Subject Yourself to Unnecessary Penalties
Please be sure to hurry and file your personal returns by October 15, 2007. Beyond that date you are unduly exposing yourself to unnecessary penalties due to not filing a return. Thus to avoid this additional expenditure I suggest you file your personal return as soon as possible. Though the IRS will often work with those who are filing and paying their taxes even though they might need a payment/installment plan, the IRS takes a dim view for those who do not file; thus the additional penalty.
Please be reminded that a validly filed extension is not an extension to pay but solely an extension to file. Thus it is critical to also begin preparing for what your 2007 tax liability will be today so that you might avoid late penalties and accrued interest on these monies as well. Staying in touch and well connected with your CPA is the best path to ensuring that all of your tax filings and payments are timely. Staying the course and being consistent are often two of your best friends in keeping your tax obliations and liablilities current. By proper planning you can learn how to avoid unnecessary surprises at years end.
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