Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #68: you started a business this year and have no idea where to begin with business taxes.
All new business owners have been there. The slap-in-the face reality gives you when you’re about to file your income taxes for the first time as a business. Damn the learning curve!
A fair warning to the corporate tax filers out there:
The 2010 corporate tax deadline is March 15, not March 16.
I have seen several websites publicize March 16 as the deadline date (I won’t link to them because we all make mistakes). I think the reason why there might be confusion is because the 2009 corporate tax deadline was March 16. The reason why it was March 16 was because the 15th fell on a Sunday. This year March 15 is on a Monday…and that Monday is not a federal holiday.
By no means am I trying to rob anyone of an extra day to file their corporate taxes. I just want people to have the correct info.
If that actual date doesn’t make any difference and you’ll need more time anyway, remember that you have the option to file a corporate tax extension. You’ll get an extra 6 months to file your taxes.
Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #62: my business partners and I just can’t find a time to meet.
It’s challenging for a business to find a convenient time to get all of the decision makers together at one table. Everyone is off doing their job trying to make the business better, more profitable. When the agenda for a meeting includes discussing tax implications, it’s even harder to avoid the scenario in the picture – one person sitting alone twiddling his thumbs.
This is especially true in small entrepreneurial ventures where partners might have other jobs or more than one venture that demands their time.There just never seems to be a good time to get together and talk taxes.
For this reason, some businesses choose to file a business tax extension so that they can meet and make decisions together about the company’s finances and their tax situation. An extension is a great option because it gives companies more time to work around everyone’s busy schedule and finally have that meeting everyone is dreading.
Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by midnight on April 15 (or March 15 for the corporate tax deadline). An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make your payment on time could make you subject to tax extension penalties and interest.
Let’s chat more in the comment section below.
Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #60: extending your corporate tax deadline means just one trip to the accountant.
If your businesses is classified as a corporation, the deadline to file income taxes is March 15. Unless you are a super-motivated individual that gets your taxes done really early, that means you make two trips to the accountant – one for the business and a second for your individual taxes.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.
Here’s reason #42: Q1 is your busy season for sales.
A fact of life for many companies is the first three months of the year are crucial for sales. Budgeting, hiring, spending of all types are determined by how much money is brought in during the first quarter.
If that’s the case and the business is classified as a corporation, then there’s not a whole lot of time to prepare and file corporate tax returns while sales is occupying everyone’s time. The corporate tax deadline is March 15 – just a mere 11 weeks into the New Year. That deadline comes up awfully fast when the rest of the year depends so heavily on early-year sales.
The extra 5 months a corporate tax extension provides means peace of mind. That extra time means a business can get concentrate on their bread and butter those first three months and then think about how to get their taxes done.
Maybe you are new to filing a corporate tax extension. Or maybe you file one every single year. Either way, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by the the deadline. An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make a payment could make you subject to tax extension penalties and interest.
Got any thoughts about tax extensions? Let’s chat in the comment section below.
