If it was for the year 2005, we file in year 2006... right? and if it was for the year 2006, then we file in?

Question

the year 2007, is that correct?
So, I guess that if it rolls that way, then it makes since that for the year 2006, if is something more than just the few $ then filing by April would work.
Do I have that right?
Steph

Answer 1

As an employee of a corporation, you pay taxes in each check through the tax year. So, for tax year, 2005, you pay all year long. In January through April 15 of the following year (2006), you settle the bill with Uncle Sam. Either you get money back, or you pay him more.

As a self employed person of your own business, you pay taxes four times a year during the tax year. January through April 15 are still periods to settle the final bill for the previous year. Either you get money back, or you pay him more.

Once you start filing your taxes, you should continue to do so every year you remain a resident of the USA. Even if you made nothing, because you've filed in previous years, you should continue to file. You can be late if the government owes you, but it's not wise to do so.

Answer 2

Yes, you're right. A tax year goes for a calendar year for individuals, and the filing deadline is April 15 of the following year.

Answer 3

april 07 yeah