Saturday, June 09, 2012

irs tax extensions

The filing for income taxes for the year 2011 was due last fifteenth of April and I personally update my taxes before the said date. However my other source of  income was separately filed as required by the revenue office where my business is registered.  I went to the district office last week to request for a reconsideration and my request was approved. I was given a little extra time to manually compute my income, expenses, gross sales and other necessary accounts related to my annual business operation. I am thankful of the file tax extension of the revenue office because it helps me a lot in making an assessment with regards to the declaration of my taxes. It took me time to make the income tax papers because I have to lists down all the details like exemptions, tax dues, withholding taxes, previous payments, deductions, gross taxable income and more.  I already finish the computation and glad to know that  I will be availing  a tax refund. I still have to make the financial statements like balance sheet, income statement and certified accountant's review as supporting documents for my business tax filing.  I can say that it is important to have knowledge regarding taxation when having business because it helps a lot in doing research,  strategic planning  and  decision making.

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