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Table of Contents

  1. What should I do if I'm not ready to file my tax return on April 15th?
  2. What do I do if I owe money but I don't have it right now?
  3. What interest expenses can I deduct?
  4. When do I file my taxes if my corporation's fiscal year is not the same as the calendar year?
  5. Which year for the tax forms do I use for an off-calendar fiscal year?

If you don't have all the information you need to file a complete tax return on April 15th, you can file an extension, which extends the time allowed for your filing to August 15th.  The extension allows you to file your return later, but DOES NOT put off the date that any money is due.

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If it turns out that you owe money and you don't have it to send in with your tax return, the IRS offers installment payments.  Complete Form 9465 "Installment Agreement Request

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You can deduct mortage interest, business interest, investment interest, passive activity interest, education-related loan interest and personal interest.  Contact our offices for further information on the limits and conditions of each of the above deductibles.

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The corporation's tax return is due 75 days (2.5 months) after the corporate year ends.  As an expample, if your corporation's fiscal year ends on 3/31/02 then your filing date would be 6/15/02

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Sometimes the tax form year can be confusing in an off-calendar year entity.  The easiest way to determine which yearly tax form to use is to ask yourself the question: "What was the date the fiscal year started?""  The tax form used will be for the year in which your fiscal year began. 

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