If you filed an extension for your LLC or S Corporation and March 15th then your extended due date is September 15th. If you filed an extension for your personal income tax return or your C Corporation at April 15th then your extended due date is October 15th.
You can however file now. You dont have to wait until closer to the due date. I highly recommend getting your documents together and filing your tax returns as soon as possible. Procrastinating will not save you time or money!
Several good reasons for filing as soon as possible:
- It starts the Statute of Limitations running. The IRS has limited time to issue notices. This is the date from which the IRS can issue an audit;
- If you owe additional monies, penalties and interest for underpayment are accrueing every day; (Individual taxpayers are charged the federal short-term interest rate plus 3 percentage points, currently 5% per year, compounded daily. Penalties will accrue for each month tax remains unpaid until maxed out at 25% of the unpaid tax)
- One more to -do on your list! Focus on 2023 tax and cash flow planning;
Need help with your 2021 tax filings? Have questions about your 2021 tax filings? Don’t hesitate to reach out to us at www.wendybarlin.com