Every year, Americans are faced with the stressful time of year when they are forced to face their taxes! While no one likes dealing with taxes, they are unavoidable in order to be compliant with the law. This goes for individual citizens as well as corporations.
Unfortunately, many independent filers as well as corporations wait until the last minute, or beyond it, to get all of their paperwork and tax forms together. This can be problematic and stressful, causing many people to panic. This is why King’s Financial Services offers tax services to help keep personal and corporate taxes as simple and easy as possible for you!
Federal Income Tax Return
The official deadline to file your federal income tax return can be a bit tricky for those who are filing. While the deadline is, in theory, supposed to be April 15, some things can affect this date. Say, April 15th ends up falling on a weekend or a holiday in a certain year, this will push your tax deadline back until the next business day. This did not happen in 2019. April 15th fell on a Monday, meaning if you have not filed your taxes yet- you are late.
A small exception to the 2019 tax date exists if you are a resident of Massachusetts or Maine. These states recognize Patriot’s Day on April 15, and the District of Columbia recognizes Emancipation Day on April 16, so the tax filing deadline is pushed to April 17 if you live in either of these states.
Corporate Tax Return
The deadline for S corp and partnership returns is the 15th day of the third month following the end of the fiscal year if they are on a fiscal year rather than a calendar year. If you are filing a corporate tax return, you are looking at a March 15th deadline. If you have an extension on your corporate tax return, you will have an additional 6 months, making your extended deadline September 15th.
In the event that you owe money and cannot pay it, this is the most important time to contact an Enrolled Agent, such as Sandra King. This is because enrolled agents can work with you to make your tax balance that is due manageable for your lifestyle. Some options an Enrolled Agent can help you with are:
Penalty Abatement: If your enrolled agent can present a strong enough case in your favor, it is possible to have your penalty fees reduced or completely waived.
Offer-in-Compromise: Depending on your specific tax case, it is possible for your enrolled agent to negotiate a plan to reduce the amount of taxes you owe.
Installment Plan: If you cannot pay your taxes all at once, your enrolled agent can present a payment plan to the IRS to help you pay it off in installments you can afford.
Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.