The TaxCred Academy

Do you need to file an extension? PSA can help contact us today!! business line 708-320-9733 or call our office and make an appointment 773-624-9791 Corporate Taxes were due March 15th Individuals/Sole Prop are due April 15th LLC/Partnerships are due April 15th Non Profit taxes are due May 15th Estimated Tax Payments due June 15th Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

Do you have an 8-12 month emergency fund? If not I would suggest starting on that now. Anything is possible job loss, injury etc. You will need enough saved to cover your monthly living expenses at minimum. Patrice L Stewart The Tax Daughter www.patricelstewart.com

Finance Tip: Open a separate bank account for your business. If ever audited gathering paperwork will be a breeze. Plus you want keep your personal and business expenses separate. The Tax Daughter Patrice L Stewart www.patricelstewart.com

Are you unemployed or underemployed and a home owner? If so this program may give you some assistance in paying your mortgage up to 35K for up to 18-24 months, while looking for employment. Illinois was given over 30 million to help home owners. You worked so hard for your home now that you need help go get the assistance you need today! www.illinoishardesthit.org

If there's a will there is a way! If doors are not opening for you sometimes we have to build our own. Live your life and dream big anything is possible with just a little effort! :) Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

Are you filing your returns with an Authorized IRS E-File Provider? You can go to the IRS website to search for one. PSA is listed just type in 60653 and this is what you will see! Plus we are open year round not just 4 months.   We are open year round and provide more than tax solutions, visit our website at www.patricelstewart.com    

If you transmit a Corporate Extension by March 15th and it is rejected, you have 5 days which is until March 20th to correct it and get it Accepted and it will still be considered as having been filed "timely". Remember C-Corp and S-Corp returns are due today! Patrice L Stewart "The Tax Daughter" 708-320-9733 www.patricelstewart.com

If you Owe the IRS, not filing your return does not make the problem go away. Your employer has to report all income paid to you. When you receive a 1099 or a W2 the IRS receives the same information. It is better to file your taxes and set up a payment plan to avoid unnecessary penalties and interest. If you have questions and concerns or need assistance filing previous years contact me. 708-320-9733 Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

If you haven't received your refund yet don't panic! The IRS is behind and refunds are taking up to 21 days to fund. This also means business days. Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

Individuals/Sole Proprietorships are due April 15th Corporate Taxes are due March 15th LLC/Partnerships are due April 15th Non Profit are due May 15th Estimated Tax Payments due June 15th PSA can file your business and personal tax returns. Visit our website to learn more . Patrice L Stewart "The Tax Daughter" Bus: 708-320-9733 https://www.patriclestewart.com

Did you know? An eligible domestic corporation can avoid double taxation by electing to be treated as an S Corporation. Double Taxation to Corporations means once to the shareholders and again to the corporation. If you are a small business owner this is something that you may want to consider. There are several factors to consider before you can apply for an S Corp election. To qualify for an S corporation status, the corporation must meet the following requirements: Be a domestic corporation Have only allowable shareholders including individuals, certain trust, and estates and may not include partnerships, corporations or non-resident alien shareholders Have no more than 100 shareholders Have one class of stock Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations. If your business decides to become an S Corp you will need to fill out Form 2553 . You can learn more about the S Corp electio