tax return

It’s almost tax-time around here. My CPA sent over the draft business return for my S Corp last week, and once again I’m reminded that she’s way better than me at getting the business taxes done. It’s a nice, tangible reminder, too - in the form of extra cash!

If you haven’t filed your tax return yet, take a deep breath and make sure you read today’s entry on extensions. You can file for an extension for the 2007 tax year for your LLC (taxed as a partnership), Partnership or personal return until October 15, 2008. Not only can you do this, you should. Here are three reasons why it makes sense to give yourself a break.

It’s tax season! Are you one of those types of people who obsess until your tax return is completed? Or, are you the type who puts everything off with an “out of sight, out of mind” attitude? Or, maybe you’re an accountant’s dream client and fall right in between.

Here are four reasons why you might want to consider filing for an extension on your tax return.

If the IRS sent you a Form 1040 package during this first week of January, you probably have the wrong forms.

The Alternative Minimum Tax last minute law change (called the AMT Patch) has not been reflected on the forms. Read on to see which forms are wrong, and what you can do about it. By the way, it is up to YOU, the taxpayer, to make sure the right forms are used. The IRS is not going to send you corrected copies. And, if you do it wrong, I’m sure you’ll be the one paying the penalty.

AMT Patch Affects Millions of Form 1040 Packages

Don’t forget the final tax filing date for your 2006 personal and partnership tax returns is October 15th (16th in some cases).