Everlasting Touch Tax Service

Tax Tips

The tax professionals at Everlasting Touch Tax Service are skilled at making sure our clients get every advantage to maximize their refund. The following tips may be useful during your tax appointment.

• Itemize your deductions. If your itemized deductions are higher than your standard deduction, you may choose to itemize. Categories include: medical expenses, taxes, interest, charitable contributions, and unreimbursed employee expenses. (Income and other limits may apply)
• Ensure that you are using the correct filing status. Some filing statuses have higher standard deductions than others. Even if you aren't itemizing your deductions, a higher standard deduction can help you reduce your tax liability.
• Family Expenses. Child Care, health and medical expenses, alimony are all examples of expenses that can help to lower your tax bill.
• Retirement Contributions. Contributions to an IRA and Credits for Retirement Savings may be available to you.
• Energy Credits. Certain improvements to your primary home may help you save on your total tax bill.
• Home-Based Business. If you operate a home-based business the equipment you use for your business, and portions of your home expenses may be deductible.

Due Dates

Individuals

• January 15th-Estimated Tax Payment due for September 1st - December 31st
• April 18th-Estimated Tax Payment due for January 1st - March 31st
• April 15th-Individual 1040 Returns or Form 4868 (Request for Automatic 6-month Extension)
• June 15th-Estimated Tax Payment due for April 1st - May 31st
• September 15th-Estimated Tax Payment due for June 1st - August 31st
• October 15th-Individual 1040 Returns for people that have a timely filed extension request.

Partnerships

• Form 1065. This form is due on the 15th day of the 3rd month after the end of the partnership's tax year. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1.
• Form 1065-B (electing large partnerships). This form is due on the 15th day of the 3rd month after the end of the partnership's tax year. Provide each partner with a copy of Schedule K-1 (Form 1065-B) or a substitute Schedule K-1 by the first March 15 following the close of the partnership's tax year.

Corporations & S Corporations

• Form 1120 and Form 1120S (or Form 7004). These forms are due on the 15th day of the 4th month after the end of the corporation's tax year. S corporations must provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1. Form 7004 is used to request an extension of time to file Form 1120 or Form 1120S.
• Estimated tax payments. Payments are due on the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year.
• Form 2553. This form is used to choose S corporation treatment. It is due no more than two months and 15 days after the beginning of the tax year the election is to take effect or at any time during the preceding tax year.