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Tip of the Week
For many taxpayers the 2016 tax return has already been filed. However, there is a group of business owners who have a later deadline to file their personal returns. If you report self employment income on a personal return, you have until June 15th to file the return.
You do not have any extra time to pay – interest on any unpaid balances started to accrue on May 2nd, but there is no late filing penalty until June 16th. The reason for this later deadline is the assumption that business owners need more time to gather their receipts and calculate their income. Many business owners are simply procrastinating. Their numbers could have been ready back in February but they put it off until the last possible minute. If you are one of these business owners - the last minute is here.