On or before September 15, 2014, 3rd quarter estimated tax payments are due for the self employed and for individuals who received income that has not had any withholding taxes. Examples of such income would include rent, interest, dividends, profits from an LLC and S corporation, partnership income, and taxpayers with realized gains from the sale of assets.
Tax return extensions for calendar year corporations and partnerships will expire on September 15. Tax returns that have an extension must be filed on or before September 15 to avoid being non compliant.
It is a good idea for individuals and business owners to start looking at current year income to plan for ways to reduce income taxes.
The key is for businesses to have updated financial statements which provides a road map to determine current profits and losses. For individuals, we suggest you begin by compiling a summary of your income and review your most current payroll statement.
The next step we suggest is for you to meet with your accountant to review your current financial information and to compute an estimate of your taxes.
Discuss and prepare a plan with your accountant on ways you can reduce your current estimated taxes if applicable.
Due to the passage of the Affordable Health Care Act at the end of 2013 some of the tax benefits and deductions have expired.
Therefore it is critical you take the time to review your situation before December 31 to make the necessary adjustments.
If this is too burdensome for you , please let us help to guide you and plan to simplify your tax planning process.
