Hey, everybody. It’s been a minute, but we have an extended tax deadline in a week – 10/15. We’ve been so busy during the tax extension season. I haven’t had time to come on and give you guys all kinds of great advice and information and stuff about taxes and crypto, all kinds of nuttiness, but it’s an important day, or at least, it will be in a week. So I will do a real quick Finance Friday to ensure we get it done by the extended tax deadline. So let’s start.
Hi, I’m Bette Hochberger, CPA, CGMA, and coming on today to let you know that the extended tax deadline for corporations, specifically C-corporations, is not the S’s. So if you didn’t file your S-corporation return, you’re late, but your C-corporation returns and your individual 1040 income tax returns are due next week, a week from today, 10/15, on a Friday.
It’s what we call a drop-dead deadline. That means that this is it. There’s no extension past here. So if you’re coming up on this extended tax deadline, you got to get your stuff together, get it in, get it filed. A lot of times, people will ask me like, “Oh, I can’t afford to pay my taxes. Should I file?” And the answer is yes; you absolutely should, because if you don’t file, even if you owe it, even if you don’t have the money right now to pay the taxes, you’re going to get hit with all kinds of penalties and interest on those penalties, that you can stop or prevent from filing on time, even if you can’t pay, right?
So if you can’t pay your taxes on the extended tax deadline, you can always work with the IRS. You can set up payment plans. There are other things; if you’re in really dire situations, I’m not even going to get into that because that’s the whole super complicated thing, but know that if you can’t pay it right now, you can work it out with the IRS. You can set up payment plans; they’ll go across, I think, five or six years, they’ll stretch it out for you. And even if you do go on a payment plan, you can pay it off early. So please don’t wait till the extended tax deadline has passed; get it done.
Also, we’ve noticed a lot of problems with filing this year; we’ve had a lot of electronic filing problems with the IRS. So do not wait till the last second. If you made it to this point, you’re probably a bit of a procrastinator, but suck it up, get it done. It’s not fun. No one likes to do it, but better to do it sooner rather than later. And hopefully, we will come back with more regularly scheduled videos after this extended tax deadline, so looking forward to it, and we’ll see you next time.
💜This is your #FriendlyReminder that if you filed an extension and are filing an #1120 or #1040, your return is due October 15th, 2021. 🌐 https://t.co/UX14HeYiTI pic.twitter.com/rvHuVauGF1
— Bette Hochberger, CPA, CGMA (@bettehochberger) October 12, 2021