Accounting News and Notes

You Can Still Fund Your 2011 SEP/IRA if You Have Property Extended Your Return.

It’s Not Too Late To Reduce Your 2011 Tax Bill.

If you have properly filed an extension for your business entity you can still fund your 2011 SEP/IRA as long as you fund your SEP/IRA before you file the return and the final due date the extension gained.

For example, if you are an S or an C Corporation you can still fund your 2011 SEP/IRA in 2012 as long as you do it by September 15, 2012 for your S or C Corporation for the 2011 tax year as the return has been properly extended and you fund the SEP/IRA before/reflecting the filing of the return.

If you are an LLC, LLP, Partnership or Proprietorship you can still fund your 2011 SEP/IRA in 2012 as long as you do it by October 15, 2012 for  your LLC, LLP, Partnership or Proprietorship for the 2011 tax year as the return has been properly extended and you fund the SEP/IRA before/reflecting the filing of the return.

The below is a quote directly off of the IRS web site:.

“What is the time-frame for depositing contributions into SEP-IRAs? The employer must deposit contributions for a year by the due date (including extensions) for filing its Federal income tax return for the year. Note: If the employer extends its tax return then it has until the end of that extension period to deposit the contribution, regardless of when it filed the tax return. However, if the employer did not deposit the contribution timely, it must amend the tax return and pay any tax, interest and penalties that may apply.”

To read more about 2012 Tax Rules & Guidelines see http://www.hiscpa.com/blog/2012/01/03/snellvillelilburnnorcrosstucker-cpa-2012-tax-rules-guidelines/

For Your Gwinnett Personal Investing Needs and to set up a retirement plan for your business and to gain more information call Mike Allee of Edward Jones at 770 962 0831

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Roswell, Dunwoody, Sandy Springs & Tucker as an Award Winning CPA

This entry was posted on Thursday, June 7th, 2012 at 4:15 pm and is filed under Financial Statements & Bookkeeping, Income Tax Preparation of Corporate & Personal Income Taxes.
Tags: 2011 SEP/IRA, 2012 SEP/IRA, 2012 Tax Rules & Guidelines, Gwinnett Financial Planning, Gwinnett Financial Statements, must deposit contributions for a year by the due date (including extensions) for filing its Federal income tax return, SEP/IRA, time-frame for depositing contributions into SEP-IRAs, You Can Still Fund Your 2011 SEP/IRA if You Have Property Extended Your Return.. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.