Deadline Approaching, are you prepared!

Don’t have a panic attack, you still have time and options. March 16, 2010 is the deadline for corporations to file their 2009 taxes. April 15, 2010 is the deadline for individuals to file their 2009 taxes. Don’t miss these deadlines and get hit with a penalty. Whether it is a result of procrastination or missing documents, many tax payers request an extension to file their taxes.

In this economy, corporations are busy operation their business, finding way to overcome these struggling economic challenges, that’s no excuse for the IRS. They want your taxes filed and payments postmarked by the deadline. To avoid requesting an extension, tax payers must plan and prepare to file their taxes ahead of time, to make sure they have the necessary documents to complete the taxes.

For those of you who planned to file your taxes on time, but for some reason can not make the deadline, you have the option to request an extension for six months. Keep in mind that filing the extension doesn’t mean that if you owe, your payment will be extended too. The IRS still expects for you to send in your check before the deadline, an estimate of how much you think you owe.

To find out which form you will need to obtain to file the extension, visit www.irs.gov , call your local IRS Service Center or contact your accountant for more information.

Don’t delay this process, if you do, you can get hit with heavy penalties. Be sure to submit your form before the deadline.

Theresa Todman, President/CEO of B & M Financial Management Services, providing financial consulting and management services, for more information about our services visit us online or contact us at (914) 237-5088.