Tax Deadline Ahead: S Corporation & C Corporation Returns are Due March 15, 2009

Tax Deadline Ahead: S Corporation & C Corporation Returns are Due March 15, 2009

The 2009 Tax Deadline for filing of your 2008 Corporate Income Taxes is March 15, 2009. Therefore all calendar year corporations are due by that date. If for any reason you are not able to file your return by the due date both the IRS and state allows you to extend your return for six months. However don't let the extension "fool you." An extension to file is not an extension to pay as both the IRS and states require you to pay your taxes as you go. Corporate taxpayers, as well as individual ones, since World War II are required by tax law, to pay taxes as they make the money during the year.

If for any reason you cannot file your return by the original due date the IRS allows for an automatic six month extension, which must be filed by the original due date of the return. Taking care to ensure that you have paid all of the tax obligations that are due will help you avoid unnecessary penalties and interest in the future.

Please be reminded that an S Corporation is a "flow through" entity in that all of the net earnings from the S Corporation flow down to and are reported on the owner/shareholder's personal return. Therefore careful consideration of these issues and tax planning for each personal shareholder's other income, itemizations, exemptions, etc. should be considered and carefully contemplated when extending S Corporation owner's personal returns. Keep in mind that the extension of the corporate return does not also automatically also extend the personal return which is due on April 15, 2009.

John Dillard is a Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta Christian CPA firm) and for his latest book Overcoming Life's 9/11's: Job's Journey visit http://www.john-dillard.com/