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September 2009
Issue: 22
 
Extended Corporate & Partnership Tax Returns Are Due
 
I hope everyone is enjoying the last couple weeks of summer!  Of course, the end of summer also means more tax deadlines.  If you filed for an extension of time to file your partnership or corporate tax return last spring, the deadline for filing these returns is rapidly approaching.  The deadline for extended partnership & corporate tax returns (S Corp & C Corp) is September 15th.  Also, extended individual tax returns are due by October 15th.  We filed a lot of extensions for our clients this year so we expect to be very busy leading up to both of these deadlines.  If you filed for an extension and still need to file your return, we encourage you to contact us as soon as possible so we can get started on your return to ensure that it will be filed by the deadline.  The IRS is cracking down on late filing this year and is penalizing late filers $89 for each month that the tax return is late.  Get your tax return filed right away so you won't be penalized!
 
Also, the 3rd installment of the 2009 estimated tax payments for individuals is due by September 15th.  If you make estimated tax payments, be sure to send your payments in by the 15th to avoid penalties.
 
Enjoy this month's newsletter!
 
The nation's debt must be brought to heel, and doing so will require tough choices beyond spending cuts, experts say.
 
A $9 trillion federal deficit over 10 years may be too hard to comprehend. But this part is easy: Such unwieldy amounts of debt could have an impact on Americans' bottom line one way or the other -- if not tomorrow, then the day after.
 
 
If you have teenage children or grandchildren with part-time jobs, there's a tax-favored way to help them save money for college, a first home -- and even retirement. By socking away some of their earnings in a Roth IRA, your youngsters can begin a savings plan that can grow into a small fortune.
 
 
Many taxpayers spend time during the summer months polishing their résumé and attending career fairs. If you are searching for a job this summer, you may be able to deduct some of your expenses on your tax return.

Here are the top six things the IRS wants you to know about deducting costs related to your job search.

Read more... 
In This Issue
Why the Federal Deficit Will Raise Taxes
Help Your Kids Build a Fortune With a Roth IRA
Tax Benefits for Job Seekers
Win the Salary Game: How Much Do You Pay Your Employees?
Upcoming Tax Deadlines
Salaries are a tough expense for most businesses. You want to hold them down but reining them in too tightly doesn't always work well. Good employees can often go elsewhere and replacing them can cost your company a bundle.
 
So, if you're in a spot where every salary dollar counts, here are eight ideas for getting the biggest bang for your buck.
 

Upcoming Tax Deadlines

September 15th - Extended deadline to file 2008 C Corp, S Corp, & Partnership tax returns.

September 15th - 3rd installment of 2009 estimated tax payments due for individuals
 
October 15th - Extended deadline to file 2008 Individual Income Tax Returns. 
 
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA

651-690-2250

 

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