April 17 is the Due Date for Individual and LLC Tax Returns
It doesn’t matter who you are or what you do; you probably need some tax return help if you’re going to resolve all your IRS issues by the deadline to avoid penalties, fees, audits and other negative consequences. Whether you are an individual, the sole proprietor of a business or involved in an LLC partnership, you will be affected by the April 17 tax deadline this year.
Individuals and Independent Business Owners
While some individuals can get away with filing their own simple tax returns, most of us are not so lucky. As our lives get more complicated, so do our taxes. Matters get particularly tricky for sole proprietor business owners. If you are the sole proprietor running a business and have no other partners helping you, the business is technically considered an extension of you as an individual. Whether you are an individual or a sole proprietor, the tax deadline will be the same this year – April 17. You’ll probably need to get some help if you want to avoid any egregious errors, and if you’re not a financial expert, you’ll also want to avoid pulling your hair out over the stress of preparing your tax return on your own.
Just about the only thing that partnerships and individuals have in common as far as taxes go is the filing deadline – just like individuals and sole proprietors, partnerships are also required to file their tax returns and pay any money owed to the IRS by April 17 this year. Partnership returns are filed on Form 1065, which is an information return, and the tax payments are determined through individual K-1 partner returns, which are typically due on April 15. This year, the deadline is April 17. Multiple-member Limited Liability Companies, or LLCs, are taxed the same as partnerships. Single-members LLCs, on the other hand, are taxed the same as individuals and sole proprietorships. In either case, the filing deadline is the same.
Many San Diego businesses have failed to get their taxes in order and have faced consequences as severe as being forced to close their businesses, either temporarily or permanently. Individuals have also faced tough consequences, ranging from stressful audits to seizures of property and money straight from their bank accounts. This is why it’s so important to get San Diego tax help from a firm like Allen Barron before things get out of hand. Qualified professionals are ready to offer the kind of specialized San Diego tax help that individuals, partnerships and corporations need. Please give us a call at 866-631-3470 for a complimentary, initial consultation to review your tax needs with one of our tax professionals.