April 30th has come and gone now a number of business people and their accounting professionals are focused on Midnight June 15th. This is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season. Failure to file and pay the taxes due by June 15 results late filing penalties and interest.
File by midnight June 15 and avoid the 5% late filing penalty plus 1% per month on the outstanding balance for up to 12 months. If you are delinquent on paying for the second time within three years, that penalty goes up to 10% of the outstanding amount plus 2% per month for up to 20 months. Make this deadline so you can truly enjoy summer – if you need assistance reach out early as most accounting professionals will likely be booked the last couple weeks before the deadline. If you have trouble coming up with the funds to pay your taxes every year we have a system that will help eliminate this frustration.
Greg Libbrecht, President Platinum Books & Five Star Accounting