August 2019 Newsletter

Deadlines, Deadlines, Deadlines!

If you’re like many Americans you probably filed an extension to file your tax return this year. Well, that time is coming upon us quickly. The following is a list of the upcoming filing deadlines for those individuals and entities that filed an extension for the 2018 tax year.

September 16, 2019:

This is the deadline to file this year for Partnerships, Form 1065 filers, and those entities classified as Small Business Corporations (S-Corps), Form 1120S filers. Typically the extension period expires on September 15^th, but with the fifteenth falling on a Sunday this year filers have until Monday the 16^th of September.

October 15, 2019:

The deadline to file extended returns for Individuals, Form 1040 filers, Corporations, Form 1120 filers, and Trusts and Estates, Form 1041 filers, falls on Tuesday, October 15^th, 2019.

Always keep in mind that an extension to file tax returns is not an extension to pay. For those having balances due on Forms 1040, 1120, or 1041 the balance due is always due on the original due date of the returns, not the extension date.

Does your paycheck need a checkup?

There has been much discussion of the withholding tables for those taxpayers who are W2 wage earners since the Tax Cuts and Jobs Act went into effect in January of 2018. No, we didn’t all get raises in January of 2018, but you might have noticed your take home pay increased noticeably. This is because with the new tax law came new withholding tables of what employers were required to withhold in Federal Income Tax from employee paychecks. While many people noticed this increase in January of 2018, some didn’t fully realize the impact until their tax refund was less than in prior years due to this change.

The IRS recommends a “Paycheck Checkup” at least annually to help inform taxpayers of what their anticipated yearly tax refund will be and, more importantly, to ensure taxpayers are properly withheld and aren’t going to get that unpleasant surprise of having a balance due come next April 15^th.

The IRS offers this free on their website at https://www.irs.gov/paycheck-checkup and it’s not too late to make adjustments for 2019. All you need is your last year’s tax return and current paystub to get the calculation. This is typically adequate for W2 wage-earners.

However, if you own a business, have investments, or have rental properties, we recommend you contact us to schedule a “mid-year checkup”.

We here at Franskoviak Tax Solutions can provide this service for you to ensure you’re not subjected to any unpleasant surprises next April. Contact us today at (248) 524-5240 for an appointment to provide that peace of mind as year-end approaches.