NEW YORK - Here's a few words of comforting for small business owners: it is not inevitable that you will have a tax season panic attack. Planning now will make the process to complete and file your tax return less than a test.
If you're the type who is always rushing late to get your completed tax forms the first thing you need to do is figure out right now, what are the problems. And discover how address, even if it means hire someone to organize your receipts and/or hiring an accountant to complete your return.
PUT YOURSELF ON A CALENDAR
One way to facilitate the tax season is set deadlines for yourself get tasks done. For example, have your received by January 31. And make sure that you have all your 1099s in hand (calling or by emailing issuers if necessary) before 15 February.
This year, business owners form 1040 and Schedule C (used by the unique owners) or Annex E (used by partners or owners of the corporation S) files have three additional days to file their returns. Emancipation Day, a celebration in Washington, D.C., Tomb Friday, April 15, the usual deadline. If taxpayers have three more days to complete and file statements.
The filing deadline March 15 for corporations remains the same.
THINK ABOUT AN EXTENSION
If you think that you will have trouble to get your income statement due to the business or personal reasons, plan now to get an automatic extension of six months from the date deadline. There is no shame or prejudice to get an extension. Accountants say there is no link between extension and audited by the IRS. Many owners it regularly because they are in partnerships and they cannot fulfill their own returns to the return of the partnership was made.
Many owners take an extension as a matter of time because it gives them more time to fund their pension plans. The income tax Act allows many ways of funding and a tax deduction for the previous year, on the scheduled date of return of the owner, including an extension. In the case of retirement plans known as SEPs or simplified employee Pensions, extension gives their more time to put in place the plan.
Warning: Do not now plan to obtain an extension just because you're the type of business owner who leaves the compilation of your return until the last minute. Unless you change your routine tax now, you can find in the same pickle when your extension.
If your company is a company or you are a sole proprietor, you may obtain an extension of six months. Partnerships, however, can obtain only a stay of five months.
START HIRING NOW
If you need assistance of any kind for your taxes made, obtain assistance aligned now. If you realize, April 10, you're in over your head, you cannot expect an accountant or tax attorney to the adapt to their schedule. In fact, if they do not have the time you see, the first thing they do is the file extension for you.
Hiring an accountant in now and leaving the him or her look at your finances can also save on your taxes. Even if 2010 is completed, an accountant may start thinking how to use tax laws to your advantage. For example, if you had a loss, an accountant can help you decide whether to use a part of it to offset taxes in the past. Or use it to offset taxes in future years.
If your books are in a mess and your receipts and invoices in a pile, it is also time to get help to sort everything and even create an entire organized records. Contents book or accounting students can easily do for you.
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