Don’t forget the final tax filing date for your 2006 personal and partnership tax returns is October 15th (16th in some cases).
I got mine filed about a week ago. I ALWAYS wait. Why? Four reasons:
- It gives me enough time to collect K-1s, 1098s and 1099s from our various investments.
- It gives me a chance to look at income for the current year and make decisions on whether I want to push income and expenses to a particular year. (Often, it’s a grey area on whether income or expenses should be taken.)
- I get a leg up on tax changes (and potential tax changes) for the current year. This also can help me make decisions for the past year tax return.
- Less chance of IRS audit.
AND there is one more major consideration this year…..Is this going to be an AMT year for you?
Tags: Business • tax filing deadline • tax filing extension • tax return