March Tidbits
Corporate Filing Deadline
March 15th is the deadline for corporations to file tax returns. Should a corporation find it necessary to file for an extension, the new filing deadline would be September 15th for Form 1065, Forms 1120 and 1120S.
Traditional and Roth IRA Contributions Deadline
April 17, 2012 is the last day to make a traditional or Roth IRA contribution for the 2011 tax year.
Recently Married Taxpayers
Name mismatches can cause problems in processing returns and delay refunds. If you were married or divorced and changed your name in 2011, the SSA (Social Security Administration) should be notified. Use Form SS-5 (Application for a Social Security Card), which is available in downloadable form at www.socialsecurity.gov/.
How Taxing is Disability Insurance
If you have a risk management plan, disability insurance can play a valuable role. Although most insurers don’t cover 100% of your income they typically do replace around 60%. Your benefits will be tax free if you pay for your disability insurance with after-tax dollars. If your employer pays for the premiums, you will owe income tax on the disability benefits you receive.
