Don’t Forget October 15th!

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:

1. It gives me enough time to collect K-1s, 1098s and 1099s from our various investments.
2. 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.)
3. 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.
4. Less chance of IRS audit.

AND there is one more major consideration this year…..Is this going to be an AMT year for you?