- April 16th, 2013
- John Dillard
- Income Tax Preparation of Corporate & Personal Income Taxes
The 15th of October is the final deadline the IRS has for clients to file their personal returns. Often taxpayers fail to remember that an extension to file is not an extension to pay, accordingly taxpayers frequently are surprised to discover that late penalties/interest are assessed/and due for late payment even though a tax return has been properly/timely extended and filed.
During the second World War, the U.S. government/IRS changed the rules of paying personal tax bill obligations so that all taxpayers became responsible to pay their taxes as they go rather than waiting until the end of the year filing to pay, which was allowed before this change. Therefore all taxpayers are now responsible to ensure that all taxes are paid as the monies/profits/taxable income is generated.
To avoid unnecessary payment of additional penalties and interest on top of the taxes, which may be due, taxpayers should be doing tax planning now for the 2011 tax year. At a minimum I suggest that this process/issue should be addressed at least twice annually and more often for situations which are subject to/incurring rapid and substantive change.
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