Federal Corporation Return Filing Deadline and Extensions

The deadline for filing federal calendar year corporation returns is rapidly approaching. These returns must be filed (e-filed or postmarked) by midnight (local time) on March 16, 2015, The deadline is the same for extensions.

Payment must accompany the return or extension if there are taxes due. An extension of time to file does not extend the time to pay taxes that are due.

Contact us at Northeast Financial Strategies if you need assistance with your corporate return or extension filings – 800-560-4637Wrentham, Norfolk, Plainville, Franklin, Walpole, income tax, tax calculator, hr, irs forms, Jackson Hewitt, tax, tax act, tax return, tax brackets, income tax return, tax refund, taxes, accountant, h&r, tax return calculator, tax forms, free tax filing, federal income tax, federal tax forms, federal tax return, tax online, tax returns, online tax return, irs e file, tax return status, file taxes online, tax preparation, income tax return online, instant tax services, accountants, income tax filing, income tax forms, federal tax, estimate tax return, taxes online, online tax filing, tax services, federal taxes, what is income tax, tax filing, tax questions, online tax, e filing income tax, irs free file, free tax preparation, filing taxes, file taxes, state taxes, tax accountant, h and r, tax planning, free tax return, free federal tax filing, online taxes, free state tax filing, free online tax filing, federal income tax forms, tax help, free tax, how to file taxes, tax preparer, tax consultant, free taxes, income tax returns, complete tax, federal tax forms, free taxes online, income taxes, income tax return efiling, free efile, h&r, tax advisor, tax advice, best place to do taxes in wrentham, wrentham tax, wrentham tax planner, wrentham tax prep, wrentham income, wrentham income tax, wrentham accountant, wrentham accounting

How do I Apply for an employer identification number (EIN)?

Employers and other organizations must obtain an employer identification number (EIN) to identify themselves for tax administration purposes, such as starting a new business, withholding taxes on wages, or creating a trust. Entities apply for an EIN by filing IRS Form SS-4. Page two of the form advises whether an applicant needs an EIN.

Other entities that need an EIN include corporations, partnerships, estates, trusts, state or local governments, and churches and other nonprofit organizations. Unincorporated entities (sole proprietorships) that establish a retirement plan or that file certain tax forms will also need an EIN for filing the relevant forms.

Application process

The IRS does not charge for obtaining an EIN and has sought to simplify the application process. Taxpayers may apply by mail, by fax, or online. International applicants may also apply by phone. In all cases, if the IRS determines that the applicant needs an EIN, the IRS will issue the EIN and transmit it to the taxpayer in the same manner as the application was made.

Applications by mail generally take four weeks, the IRS indicates, once the SS-4 is properly and completely filled out. Entities located in the U.S. or a U.S. territory can apply online. For online applications, the IRS validates the information and issues the EIN immediately. The IRS notes that the principal officer or other relevant party must have a valid taxpayer identification number, such as a Social Security Number, to use the online application process. The IRS will respond to a completed fax application within four business days, if the applicant provides a fax number.

Filing without EIN

The IRS states that it will only issue one EIN per day per responsible party, regardless of the means of applying. If the taxpayer needs to file a return but lacks an EIN because of this limitation, the IRS advises that the taxpayer should attach a completed Form SS-4 to the completed and signed tax return. The IRS will assign an EIN and then process the return.

We’re Here to Help

We can help you apply and obtain your EIN and also help you set up and help you run your small business or non-profit. Contact Northeast Financial Strategies Inc. today at 800-560-4637.

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A Focus on Tax Strategies

Taxes and inflation erode the return you make on your investment portfolio. If you are in a 30% tax bracket and inflation is 4%, you need to earn 5.7% to earn nothing.

Any effective plan to minimize your income taxes requires an ongoing effort on your part. That means you have to plan and make adjustments year-round, not just when you fill out your tax forms. Most tax preparers are just scorekeepers. They are reactive rather than proactive. You should work with a firm available throughout the year, not just one time a year.

There are three broad categories of tax-favored investments that reduce your income taxes. These are: “Tax-Exempt”, which offers income that is not taxed by the federal government; “Tax Deferred”, which defers taxes on accumulation until it is withdrawn; and “Tax Advantaged” instruments, which provide a tax credit against taxes.

Municipal bonds and Tax Free Money Market funds are two types of tax exempt vehicles.

The most popular tax-deferred investments are 401k plans, and IRA’s – both Traditional IRA’s and Roth IRA’s. Other tax-deferred alternatives are annuities, life insurance, and individual stocks and mutual funds.


Tax advantaged alternatives legally shelter income from taxes by creating a tax credit versus a tax deduction. The 3 primary Taxadvantaged vehicles are: Rental Real Estate, Low Income Housing and Historic Rehabilitation Properties.

Older annuity and life insurance contracts can be exchanged for newer, higher paying interest contracts by using a 1035 exchange. This IRS section allows you to reposition these investments without incurring any tax liability.

The tax law allows married couples to exclude up to $500,000 of capital gains on the sale of their personal residence. This benefit can be used every two years.

There are numerous options available for all of these strategies and a tax and financial professional should assist you in selecting one that properly fits your specific needs.Contact Northeast Financial Strategies for help in these areas. We are only a call away – 800-560-4637.

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Key Points to Know about Early Retirement Distributions

Some people take an early withdrawal from their IRA or retirement plan. Doing so in many cases
triggers an added tax on top of the income tax you may have to pay. Here are some key points you should know about taking an early distribution:

  1. Early Withdrawals.  An early withdrawal normally means taking the money out of your retirement plan before you reach age 59½.
  2. Additional Tax.  If you took an early withdrawal from a plan last year, you must report it to the IRS. You may have to pay income tax on the amount you took out. If it was an early withdrawal, you may have to pay an added 10 percent tax.
  3. Nontaxable Withdrawals.  The added 10 percent tax does not apply to nontaxable withdrawals. They include withdrawals of your cost to participate in the plan. Your cost includes contributions that you paid tax on before you put them into the plan. A rollover is a type of nontaxable withdrawal. A rollover occurs when you take cash or other assets from one plan and contribute the amount to another plan. You normally have 60 days to complete a rollover to make it tax-free.
  4. Check Exceptions.  There are many exceptions to the additional 10 percent tax. Some of the rules for retirement plans are different from the rules for IRAs. See IRS.gov for details about these rules.
  5. File Form 5329.  If you made an early withdrawal last year, you may need to file a form with your federal tax return. See Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, for details.
  6. Use an authorized IRS e-file Tax Professional. Early withdrawal rules can be complex. IRS e-file is easiest and most accurate way to file your tax return. The tax professional that you use to e-file will pick the right tax forms, do the math and help you get the tax benefits you’re due. 

For more information or help on this topic, contact Northeast Financial Strategies at 800-560-4637.

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