Blog
Filling income tax returns
September 19, 2013
Paying income tax within deadline is the responsibility of each and every citizen residing within a federation. Every federal government decides on certain criteria and setting a deadline of paying income tax return. Paying and filling income tax return on time helps in uplifting the nation and also proves to be beneficial for citizens residing within it.
Corporate return
The deadline extended for filling partnership return form is by 16th September. The corporations and also the hired accountants should see the Form 1605 for further details. The partnership farms should gather all information and important documents making financial statements of profit and loss before submitting them for income tax return. The tax forms should be reviewed carefully while filling them. These are found online and can be downloaded by PDF file and the instructions should be read carefully before filling up the form. If income tax return is not filled on time before the deadline than the corporations may be fined heavily. The estimated tax payments for the 3rd quarter are due for the 2013 tax year. Form 1041 relates to filing trust income tax return. The fiduciary of trust, domestic decedent’s estate or bankruptcy estate uses this form in order to fill income tax return. The final extension of this return is by 16th September. Forms 1120, 1120A, 1120S relating to corporation tax return depends mainly on the efficiency of the company. If the company has the ability of accurate book-keeping it is very easy and straightforward method to file such return. Some of the methods which may make the work easier are preparing balance sheet of profit and loss on time, complete information about shareholder’s along with their name and address should be recorded, sales tax return should be proper and so on. And the final extension on request to file corporate tax returns is by 15th September.
Individual return
Forms 1040, 1040A, 1040EZ are the individual tax return forms. Form 1040EZ is the shortest of income tax forms and it can be used by people having income under $100,000 or the interest income is under $1,500 along with many other criteria under it. Form 1040EZ is also a short form, and it allows a person to claim the most common adjustments to income. The final deadline for individual tax return after the extension is 15th October. On the last day, IRS will accept tax return that is electronically filed for the year 2012. If individual tax return is filled after October 15th, the person will need to mail his or her tax return for processing.
Blog written by Liz at Express Tax & Bookkeeping Services. we can be reach at 954.788.2870 or visit our website https://etbsfl.com/
