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As March rolls in, so do important tax deadlines! If you own a business, invest in real estate, or work as an independent contractor, staying ahead of these key dates can save you from penalties and last-minute stress. Here’s a breakdown of what you need to know for this tax season.
🔹 March 15: Business Tax Filing Deadline
If your business is structured as an S Corporation or a Partnership, March 15 is your deadline to file your tax returns. Here’s what you need to do:
S Corporations: File Form 1120-S to report your income, deductions, and credits.
Partnerships: File Form 1065, and make sure each partner receives their Schedule K-1 for reporting individual taxes.
Need more time? File Form 7004 for an automatic six-month extension, but remember that any taxes owed are still due by the original deadline.
🔹 Real Estate & FIRPTA Considerations
If you’re involved in real estate transactions with foreign sellers, make sure you’ve addressed FIRPTA (Foreign Investment in Real Property Tax Act) withholding requirements. The IRS requires tax withholding on certain transactions, and handling it properly now can prevent complications later.
🔹 Other Important Tax Reminders
1099 Filings: If you hired independent contractors in 2024, ensure that 1099-NEC forms were filed properly.
Quarterly Estimated Taxes: If you’re self-employed, don’t forget your next estimated tax payment is due April 15. Planning ahead can help avoid penalties!
Individual Tax Returns: While personal tax filings (Form 1040) are due on April 15, now is the perfect time to start organizing your documents to avoid the rush.
🚀 Stay Ahead of the Game!
The best way to navigate tax season is to stay proactive. If you have questions about real estate-related tax matters, title issues, or need recommendations for a tax professional, our team at American Title Trust is happy to assist you!
Let’s make this tax season smooth and stress-free! 💰✅
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