We’re in the midst of tax time. For tax professionals, it’s called “busy season." One major deadline has passed, and another is coming in two weeks.
Although we do not offer tax preparation services, we do get many questions about the data the tax preparer will need. We work closely with our customers and their chosen tax preparer to ensure a smooth tax filing process.
- March 15 - Partnerships & S-Corporations
- April 17 - C-Corporations & Individuals
First of all, make sure you’ve already filed either the final 2017 return or an extension if you’re a Partnership or an S-Corp. That deadline was March 15th. An extension gives you six months (due 9/17th of this year).
There is no shame in extending. In fact, about half of our customers extend. This extension doesn’t mean you don’t need to pay for another 6 months. The government wants it’s money now. The extension allows you more time to finalize your numbers.
Overall, it’s best to start the conversation with your tax professional well before the 3/15 deadline. If you wait too late, most tax preparers will be too busy to do anything but file the extension. If you plan to file on a specific due date, make sure your accounting records are ready early and discuss your plans with your tax person.
Fall Deadlines (Extensions)
- September 17 - Partnerships & S-Corporations
- October 15 - C-Corporations & Individuals
These are your final due dates. You can file at any time before these dates, so don’t think you need to wait until the actual due date. I’d try to file well before these dates if you want a better experience with your tax accountant. If you wait until the due date is very near, they will be overwhelmed once again and harder to get ahold of.
Prevent surprise tax bills by talking to your tax preparer before the end of the year. I’d recommend around mid-November. Share with them how your business (and personal finances if you own a pass-through entity) is tracking so they can give you actionable advice before 12/31.
The most common disappointment we hear from customers is a shocking tax bill. Be prepared and work with your tax professional in advance. Ask for the time to talk, don’t wait for them to reach out.