Tax and Money Tip this Week:
Tax Deadline Coming Up- Don’t File Late!
February 17, 2016 | No. 272
It is never a good idea to file a tax return late. The IRS and the State of North Carolina will assess penalties on returns filed past the due date. If you simply run out of time, or don’t yet have all the needed information, it is perfectly fine to file for an extension.
For business owners, corporations are reminded that the due date for Forms 1120 and 1120S is March 15, 2016. Returns for individuals, trusts and partnerships are due April 18, 2016.
All business owners only have until September 15, 2016 to file returns that were placed on extension. Individual tax returns placed on extension still have until October 15, 2016 to timely file.
As always, give us a call with any questions or concerns you may have.
Mark Vitek, CPA/PFS, CFP®
…until next week.