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Our firm will be in contact with you at some point during this tax season for various reasons (to discuss your tax return, request required documents, answer and/or ask questions, schedule a meeting, etc.).
If your address, email or phone number has changed, please let us know!
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Federal tax filing deadline for Partnership & S-Corporations
Tuesday, April 18th
- Due date for the first 2023 estimated quarterly payments
- Federal tax filing deadline for Individual tax returns
What is a Tax Extension?
A tax extension is just like it sounds, it is an extension of the tax deadline. When you are unable to file your taxes by the standard tax deadline set by the Internal Revenue Service, an extension needs to be put into place.
It’s important to note that an extension gives you more time to file your tax return, but not more time to pay your tax. If you owe when your tax return is filed and payment wasn’t made with the extension by the April 18th deadline, the IRS will assess late payment penalties. If you need our help with this calculation, contact your tax preparer.
Advantages of an Irrevocable Trust
The main reason people benefit from setting up an irrevocable trust, has to do with estate tax liability. The grantor no longer has to include the assets in the irrevocable trust in their estate's overall taxable assets. This makes the assets given over to the irrevocable trust estate tax exempt, as they're no longer included in the gross estate when filing taxes. Read our blog below to learn more about the advantages of an irrevocable trust.
Give our office a call today and we will help you decide which direction is right for you situation. Choosing a financial service you trust, is vital for the long-term commitment needed in successful estate planning.
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