Summer Time is the Perfect Tax Time
The summer season is a traditionally a slow season for accounting firms. It is a good opportunity for staff and partners to take a break and recharge their batteries before the small rush season of extended tax returns in the Fall.
If you are one of estimated 14.6 million who extended your return or just has not gotten around to filing this year, using the slow part of the year to get caught up is a great idea. This is especially true for S-Corp and Partnership returns, because their K-1s are holding up individual returns. The extended S-Corp and Partnership returns deadline is September 16th. Since they can be much more complex than the average return, coming in during the summer means there is plenty of time to get questions answered and information gathered without rushing.
The deadline for Individual returns is October 15th. If you did file your individual tax return and later received a K-1 form from an extended S-Corp or Partnership, the return will likely need amended. This is why it is important to get S-Corps and Partnership finished and filed before moving onto individual returns for individuals involved in those types of businesses.
We would be happy to help you get your 2018 tax year finished up and look for things that could help you for 2019 while there is still time to make adjustments.