Please be sure to hurry and file your personal returns by October 15th. 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 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 obligations and liabilities current. By proper planning you can learn how to avoid unnecessary surprises at year end.
Your Business’s Pulse…Know How to Read Your Business Financials
Your Financial Statements
The careful study and scrutiny of your financial statements by yourself as well as your CPA is as important as the sales transaction itself. Absent a wise and judicious use of the knowledge afforded by the careful preparation and utilization of financial statements you are most apt to dramatically decrease your chance of short as well as long term survivability. By working with your CPA you can learn to use this strategic information and begin to understand the nuances of ratios, margins, and statistics you can use to the wise management of your business.
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