For all of you who filed for a tax extension back in April, it is now literally time to pay the piper. According to the IRS’s own numbers, over 11 million Americans have found themselves filing for a tax extension. And many of them will need the services of a bookkeeper or accountant to help them.
The reason October 15 is so important is that it is the last day to submit tax returns to avoid a monthly five percent, late-filing penalty on balance due, which can get hefty even if you don’t owe a lot. It is also the end of the six month deadline in which to avoid further interest and penalties.
Another good reason to file before October 15 is to get a look ahead at your 2013 taxes and make adjustments now – such as setting up a corporation – to maximize your deductions and returns in the coming season.
If you are behind in filing and unsure of what to do, contact a bookkeeper or accountant immediately to figure out how best to minimize any amounts due or looming amounts due. If in the Houston area, give us a call at 281-894-6494 to set up an appointment.