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.
Accounting & Taxes
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?
Earlier I posted 10 tax tips for home business owners and now here is a little follow up that goes further into detail about how to organize and classify your business tax write offs. Hop on over to Job Crusher, check it out and save money filing taxes for 2013.
How much and how you pay your taxes are based off the type of business you own. Do you have any tax tips to offer business owners to save them time and money this tax season?
A lot of tax payer will be surprised by some of the new tax penalties as well as the expiration or past tax breaks, this year. It is good to remember that 55 different tax breaks expired at the end of 2013 and many will see the ramifications of it when filing taxes this year as well as next. Congress is even thinking about reinstating some of the more popular tax deductions. Which popular tax deductions do you hope to see make a come back as soon as possible?