Filing of annual returns is considered the most important part of the financial transaction. After the purchase of a property, the annual return must be filed for the year ended. For an owner of a residential property, annual returns are generally filed on the fifth day after the end of the financial year, in this case the fourth month of the previous financial year. The owners of business establishments are required to file an annual return at the time of the year following the purchase of the assets. In general, the owners of residential property need not file annual returns until the fourth month of the previous year.
It is important to note that the filing of annual return does not have any legal value. The returns need not be filed annually for every year as the situation of assets and liabilities will differ depending on the year of purchase. If the property was acquired in the year before the end of the year or the last year before the year of purchase, it is advisable to make the return on the fifth day following the end of the previous year. On the other hand, the situation of assets and liabilities will differ if the property was acquired in the year of the purchase, the first year or the second year. In order to understand the significance of the annual return, the importance of balance sheet, income statement and profit and loss statement should be considered. All these financial reports are required to be maintained by all the owners of residential property.
It is important to understand the filing of the annual return is not mandatory. It is advisable to seek professional help in such cases where it is necessary to file an annual return. It is also advisable to consult an attorney for advice and assistance in filing annual return in some situations. In fact, the laws regarding the filing of annual return vary from state to state and the attorney will be able to advise on the correct procedure to follow for filing of annual return. Most of the commercial property owners hire the services of financial advisors who can guide them through the process of filing of the annual return. If you want to get professional help, you can search on the Internet for companies that offer these services. The experts at these companies will guide you through the entire process of filing of the annual return.