income tax

We’re moving into a time of a lot of changes in our tax laws. There is a lot of positioning going on and testing of the political waters with proposed tax changes.

There are also a lot of rumors of what could be coming. Normally I’d recommend that you don’t pay attention to rumors. In fact, you can drive yourself crazy following all the jockeying for position and news time by the pundits. Right now, though, I’m afraid we could see a lot of change coming as bills are passed quickly in an attempt to bail out the economy.

The final tax return filing date for corporations ending on 12/31/07 is 9/15/08. Partnerships, including LLCs filing as partnerships, gets a little longer with a filing date of 10/15/08. The dates are changing next year, though.

Next year partnerships will be subject to the same earlier date as corporations - 9/15. This actually does make a lot of sense because currently an LLC filing as a partnership could legally extend a filing date to 10/15, but leave the member absolutely no time to get his or her tax return done.