Hunzinger Accounting & Financial Solutions

Back to School, Back to Business

The dog days of summer are behind us, Labor Day weekend is over, and the kiddies are headed back to school. They have a fresh box of crayons, sharpened pencils, and new school shoes all set to go. You might not have a fresh box of crayons at the ready but it is still time to think ahead to next year.

Many of you now have tax filings due Sept. 22 (recently extended from Sept. 15 due to Mean Irene). All businesses who filed tax extensions on or before March 15 are now required to file their 2010 tax returns. Sept. 22 (extended from Sept. 15) is also when 2011 estimated tax payments are due. As a rule, you are required to pay a percentage of your prior year’s tax liability OR a percentage of your current year’s tax liability. Many taxpayers pay based on the prior year to avoid a conversation with their accountant. However, it’s worth tolerating some pocket protector humor to take a look at the current year. You want to know if you’re going to owe monies for taxes, or better yet if you owe less. Never give the government an interest free loan if you can keep it for yourself!


< Back