Small businesses are usually so fixated on making money and keeping everything running smoothly all year long that keeping track of anything tax-related tends to wall at the wayside. However, making tax errors can have some major consequences, including not taking out enough tax deductions, having to pay a lot more money than what was […]
Accounting & Taxes
Whether your business picks up during the summer months or it tends to slow to an excruciating crawl, you should always make time for accounting. How do you protect your accounting practices through the long summer months?
The very last thing you want as a business owner is to be on the bad side of the IRS. You don’t want those guys calling, you don’t want them knocking at your door and you certainly don’t want them rooting around in your deductions. To keep the tax man/woman/person at bay, it helps to follow the proper tax laws from the get go. Check out our blog for some important tax tips for first time business owners before your first tax season.
When April 15th rolls around, unless you have been granted an extension, the IRS demands that you have your taxes ready, sent and received by their office. The agency is not flexible on this and will come down hard on any tax evaders. Even if you skip just one tax season, you could get audited and that could result in fines that you probably can’t afford to pay. The IRS will set you up on a payment plan, but you should be prepared to pay interest and late fees if a payment ever comes in past the deadline. Check out some tips on how to properly file on our blog.
Sometimes things come up or need to be postponed while further information is gathered and this can include filing your business taxes. You might be waiting on information or just trying to buy time to come up with the money for your business taxes if you haven’t been setting some aside all year long. Or you might just need a bit of a break. Will you be filing your taxes on time for your business this year or filing a request for an extension?