It is never a good idea to file a tax return late - Tax Tip of the Week

Don't be late - You'll pay...File for an extension if neededIt is never a good idea to file a tax return late.  The IRS, State of Ohio, and virtually every municipality will assess penalties on returns filed past the due date.  If you simply run out of time, or don’t yet have all the needed information, it is perfectly fine to file for an extension.Note: To see a tax due date calendar for 2010, visit our web site at www.bradstreetcpas.com.  Click on any day on the calendar and the entire year of due dates will appear.Date ChangesFor business owners, several dates have changed.  Most notable are the deadlines for the CAT return.  If you are an annual CAT filer, the due date is now May 10, 2010.  Quarterly CAT payment dates have also changed.  As always, corporations are reminded that the due date for Forms 1120 and 1120S are due March 15, 2010.All business owners and those needing to file fiduciary returns have only until September 15, 2010 to file returns that were placed on extension.  Individual tax returns placed on extension still have until October 15, 2010 to file.As always, give us a call if you have any questions. In Dayton, call 937-436-3133 and in Xenia, call 937-372-3504. Or visit http://www.bradstreetcpas.com.Rick Prewitt - the guy behind TTW...until next week.