Summer Is Passing Quickly

Winter this year seemed to hold on extra hard, then we had a month of torrential rain, and just as the weather is getting nice, it’s already time for the State Fair.

This also means that corporate, partnership, trust and estate tax returns that are on extension are due in a mere three weeks. If you’ve not gotten started putting that information together, now is the time to start.

As fall approaches, this is also a good time to consider tax planning for the year. With more than half the year passed, projections now can provide great insight both into how your taxes will look come next April, as well as reveal tax saving possibilities with time to get them implemented.

Lastly, if you have kids going off to college this fall, know that there can be some great tax breaks to dull the pain of college expenses. Keep your receipts for required books and fees, and those, along with a 1098-T that the college will send in January, will allow your CPA to get the most out of education tax savings.

About the author

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.

His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.

He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.

No Foolin’ – Taxes Due Two Weeks From Today

April Fool’s day happens to mark the Minnesota Twins Home Opener, as well as the two-week warning on the regular tax season.  Individual, Partnership, and LLC tax returns are due two weeks from today.

We’re in high gear here at Ramsay, working hard to meet that deadline.

Any tax returns not completed by the 15th can be put into post-season extension status, allowing an additional five months to file the business returns, and another six months to file the individual tax returns.  It’s just an extension to file though, and not to pay, so if your tax return needs to be extended, you’ll have to pay in any estimated balance due by the 15th of April.

As always, we’re here to answer your questions and guide you through tax season, usually without the mixed sports metaphors.

The Deadline is Approaching!

The post this week is a quick one.  If you extended your personal tax return, it’s due a week from today, with no more extensions available.  This deadline tends to sneak up on people.

After that deadline passes, we’ll be turning to year end planning for many of our clients.  Taking an hour or two to discuss taxes this fall will make next spring a far less surprising time, and allow us to help proactively plan for year end taxes.

As always, we’re here to help.