Just a reminder that personal taxes and 1065 business taxes are due on April 17th this year.  That means you have 3 1/2 weeks left to get your taxes done.  You may also request an extension to file your tax return.

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Well, yesterday was the corporate tax filing deadline.  We’ve had a busy week getting all of those done and filing extensions for clients that weren’t ready yet.  Now it’s time to look forward to the next few weeks.  We will be busy preparing personal returns and other business returns.  Remember to get your taxes filed (or request an extension) by the 17th of April.  Yes, that’s right, you have two extra days to file this year!

Do you own a corporation?  The deadline to file your return is Thursday March 15th.  If you don’t think that you will have all your corporate tax information ready by then, remember to request an extension.  That extension will allow you to file your corporate taxes by Sept 15th instead.  Keep in mind that to have an accurate personal income tax return, you will need your business information to be finished.

Many people have been asking about their tax refund.  In previous years, the IRS would take about 2 weeks to process their e-file refunds.  This year though, it is taking closer to 4 weeks.  Their website is also experiencing technical difficulties at this time.  If you go on their site to the “Where’s My Refund” part of the page, it will ask you to enter your information but not gtive you a deposit date.  It is very frustrating to people who are waiting for their refund, but please be patient with the IRS.  Your refund will come, it just may take an extra week or two that previously planned.

Once you have your taxes finished and filed, the next thing is waiting for your refund to come.  Many people ask how long it will take to receive their refund and how they can check on that.

How long will your refund take?

If you decided to e-file your return and have your refund direct deposited, the IRS has stated that it takes between 2 or 3 weeks for the money to be deposited in your account.  If you e-filed and opted to receive a check, your check will be sent out after three weeks.  If you decided to send in a paper copy of your return, it will take between 6 and 8 weeks for them to process your return and then send out the check.

How can you check on your refund?

The easiest way to check on your refund is to visit the IRS website.  They will have updated information about your refund 4 days after your e-filed return has been accepted, or 4 weeks after you have mailed in your return.  On their homepage, there is a colored link that says “Where’s my refund?”.   You will need the following information to check on your refund:  your social security number, your filing status, and the exact amount of your refund.  If you have filed your return jointly, then you will need the social security number of the first person listed.

You may also call the IRS to check on your refund.  There is a refund hotline at: 800–829–1954  If calling the IRS you will also need your social security number, your filing status, and the exact amount of your refund.

It’s that time of year again.  We’ve all been getting tax statements in the mail for the past few weeks.  Most of your tax documents should be received by January 31st.  Then it’s time to get your taxes done.  Remember to bring all information to your tax preparer so they can enter the most accurate information for you.  We all know about the W-2’s, mortgage interest statements, interest received from bank accounts, income from stock sales, and school grant information.  It’s also important to bring in any information about charitable contributions, work expenses that have not been reimbursed, rental income/expenses, child care expenses, IRA contributions, business related expenses and moving expenses.

When filing your tax return, the fastest way to receive your tax refund is to electronically file your return and choose to direct deposit your refund.  Now you can deposit your refund into up to 3 different checking or savings accouts.  That makes it easy to specify what amount you would like to save for future use.  If you are having a tax professional prepare your return, remember to bring your bank routing number and account number.

Just a reminder: If you filed an extension to your business or personal taxes, the deadline is coming up.  For all businesses, the deadline to file your taxes is Thursday September 15th.  For your personal taxes, the deadline is Saturday October 15th.