The View From Here, By Lynn Youngs, COO
It’s that time of year. It’s March Madness of both the basketball kind and, for those of you who operate a corporation or LLC, the tax kind. Unless you file for an extension, which requires mailing in Form 7004 with your request (and depositing any tax amount you believe you owe), your deadline for filing your 2007 corporate income tax return is the 17th of this month! A request for an extension of time to file has the same due date.

For personal income tax returns, the filing deadline for your 2007 federal tax return is April 15, 2008. Those taxpayers requesting an extension of time to file their personal tax return must file Form 4868 by April 15, along with any income tax amount you believe you owe.

Your request for an extension, whether for a corporate or personal return, gives you an automatic six months of extra time to file your return; but remember, to avoid late penalties, any tax that you owe is due by March 17, 2008 (the original deadline for filing the extension, not the return).

Is IdleAire service tax deductible? Please understand that we can’t give you tax advice, but check with your tax preparer, or take a quick look at the rules. To be deductible as a business expense, the IRS says the expense must be both “ordinary and necessary.” “Ordinary” means it’s common and accepted in the industry, and “necessary” means helpful and appropriate for your profession. It would seem IdleAire basic service would meet those criteria. If you need receipts for your basic service in 2007, contact our Customer Support staff toll-free at (877) 738-7024, or send an e-mail including your IdleAire member number to info@idleaire.com. 

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