If you filed for an extension of time to file for an S corporation or partnership tax return, the extended deadline is fast approaching. If your records are tax-ready, a return can be filed electronically at any time before the deadline to avoid a last-minute rush to file.
If your records are not tax-ready, now is the time to gather your documents, provide them to your tax preparer, and be ready to answer questions or provide additional information promptly.
Please note that S corporations and partnerships do not pay taxes on their income. That income is “flowed through” to the individual shareholders or partners, respectively, and tax is calculated and paid at the individual level.
Grapp Lerash provides tax preparation services to many S corporations, partnerships, and their respective shareholders or partners.
If you are curious about how we work, please contact our team at 989-327-1400.