Today TaxMama® wants to talk to you about the upcoming deadline on Monday.
Yes, we do have an extra day, because the 15th is on a weekend.

 

 

 



 

 

 

Dear Family,

Coming up on Monday, here is what’s due:

Form 1065 – Partnership tax returns and K-1s (for partnerships and LLCs filing as partnerships)
Form 1120S – S Corporation returns and K-1s (for S corps and LLCs filing as S Corps)

OR to file extensions for the Form 1065 and 1120S – use Form 7004.

The decision to become an S corp or to revoke the election for 2020 – using Form 2553.

No. There is no extension for making and revoking the S Corp election.

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I recommend that you put your business returns on extension. There are too many reasons to list. But some of them include:

 

How best to use the 20% Qualified Business Income Deduction.
What depreciation rules apply to you.
How do the new rules for small businesses and inventory affect your tax return?
Are you subject to the interest expense deduction limitations and the GILTI taxes – because you have investments in other partnerships or businesses – even through your brokerage account?
Do you need to amend 2018 before preparing 2019’s return because of law changes at the end of last year?
And more…

Give yourself and your tax professional time to work your way through this year’s tax maze. You’ll stress less and have a more profitable and harmonious outcome.

 

And remember, you can find answers to all kinds of questions about taxes and business issues, and Enrolled Agent tax education, free. Where? Where else? At www.TaxMama.com.

 

Incidentally, I don’t know if you know - TaxMama.com® is a free resource for people to get answers to tax questions BEFORE they make major, costly moves.

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