One week from tomorrow is the drop-dead deadline for filing individual and partnership tax returns. Not having your stuff together by April 15 is quite understandable - if you have an interest in several S-corps or LLCs, it's highly unlikely that all those returns can be completed 3 1/2 months after year-end. So the IRS offers an automatic six-month filing extension.
And yet people are still apparently putting it off until the absolute last minute. In some cases, the return is almost completely done except for a handful of simple things that are missing - I have about 10 of those in my office right now.
One client was really anxious for her return for a couple of weeks ago - finally we got it all ready to go. All we need is a simple John Hancock in order to release it - I've been waiting on that for almost a week.
Another client has 98% of the stuff in for his 2007 return - and 0% of the stuff in for his 2006 return.
And there are another 6-10 files in the office for which we have received no 2007 information whatsoever. Not sure what their plans are.
Obviously, we're accountants so we take it a bit more seriously than your average American, but what is the holdup? Take a few minutes and get your stuff together! You don't have to wait until October 13 to get around to it! 2008 is almost over! 2007 is almost ancient history!
Today I was working on an S-corp return - the filing deadline for corporations was September 15. But we just barely got the stuff.
Tomorrow I'll be doing two individual returns for clients who are owners of a company that does business in about 10 states. So I'll be spending hours reading instructions for multiple states - good times. Each state has its own unique take on income taxes - it's loads of fun to figure them all out! I think I saw Maryland and New Jersey in there - at least two states I know nothing about! But it will keep me busy until the answers start rolling in on the other stuff.
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