TAXES! TAXES! TAXES!

A relatively short post this week.  It is the “end run” of tax season.

I managed to finish the last two returns for clients on Monday - out in the mail to then on Tuesday - whew!  One of them was a 2015 return for a friend of mine.  If she does not have it in the mail by Monday she will lose her refund.  Just a reminder - if you have been procrastinating and haven’t filed your 2015 return yet - you will lose your refund if you don’t file it by Monday (April 10, 2019).  If you owe taxes though - the various governments will keep trying to collect it - so file your return also.  Filing your late 2016 or 2017 returns is a good idea too!  Also it always best to file the current return - 2018 on time!  If you can’t finish it in time apply for an extension of time to file - Form 4868 from IRS, state forms vary by state.  This does not give you extra time to pay your taxes -so if you will owe taxes, try to estimate how much and send the payment along with the extension.

I have the two hardest returns left to do - ours and our little corporation.  I more or less finished ours today.  I will wait to clear to my head and check it over tomorrow and then print it out. 

Now that our return is done I can do our corporation return - some items are paid from our personal accounts for the corporation - and I have to figure out the cost of the use of our van for the corporation (which is why I have to do ours first).  Barring some strange occurrence -which if you read my posts regularly you will know we have had a lot of lately - I should have both returns finished, printed and ready to be signed and mailed in plenty of time.

Only one problem remains.  As mentioned we pay for some items from our personal accounts - particularly since the corporation does not have a credit card or have much money (I never said it was a successful business).  I have to keep track of what we paid for the corporation and sometimes what the corporation paid for us (it has an online payment account and we don’t so for rare online payments we sometimes use the corporation’s account). 

The amounts paid out by us for the corporation and paid out by the corporation for us should be the same (in reverse) on both sets of “books”.  They are not.  I spent all of last night looking for the error(s) and could not find them.  So as soon as I post this I will be back to trying to figure out what is wrong.   It is more than one error as I searched the books on both ends for the amount I am out and it does not exist.





And while writing this and working on our taxes - I am also doing the laundry!

THOUGHT FOR THE WEEK -
Remember get your income taxes done - now - don’t procrastinate.  You will be glad you did whether you get a refund or you owe you money and won’t have to pay late fees and interest if you file on time.