Just a gentle (or firm, depending on what you require) reminder: all of those extended tax returns are due on October 17th. If you’ve been following this blog since the summer, then you know I’ve been sounding the alarm on tax return extensions and how to prepare for filing those. Along with filing extended tax returns, this is the time to do any withdrawals of excess IRA contributions made during calendar year 2021 (excess contributions must be withdrawn to avoid penalties). This is also the time to contribute to solo 401(k) simplified employee pension (SEP) plan for tax year 2021 if you extended the filing time for Form 1040.
Whew, that’s a lot! There is still time to do a few things to close out tax year 2021 if you’ve extended your time to file. For most tax preparers, October 17th is the end of their tax season, and they can finally have a chance to rest before the beginning of the next tax season. However, if you’re a business owner, you may have a different tax filing date. If so, keeping up with the general extension dates and assigning specific tasks to complete on those dates can be a fantastic way of staying ahead of the surge of work that comes when its time to file taxes.
That’s all: get those extended taxes filed! Talk to you all soon!