Spring tax deadlines have come and gone. But in the back of your mind, you know you still need to file business income tax returns. And it is now time to deal with business taxes for corporation or a partnership. A tax extension certainly gives more time to file, but it doesn’t provide additional time to actually pay. You’ve submitted your Form 7004. You’ve received a five or six month extension starting on the date the tax return was due originally. And you’ve even started thinking about what you can do to streamline the process for next year. But what do you do now?
They say that history has a way of repeating itself. The first thing you’ll want to do is preempt next year’s possible time crunch. Educate yourself on the particulars of a Business Income Tax Extension. Verify that you understand what forms you need. And determine what dates apply to you. This is essential. It never hurts to modernize your business organization (as well as your life). Utilize a cloud-based digital calendar with important and recurring deadlines. And synch it to your smart phone and other devices—such as Google Calendar. Organization is always the key to unlock success.
Many clients of our clients don’t realize that an extension will be necessary, as they discover how complex their tax situation has grown. Yet the deadline looms closer. It takes time and energy to successfully manage and grow a business. And it can be difficult to find the resources necessary to file taxes properly, on time or not. Business Tax Preparation, for a Corporation or LLC, can be especially complex. This is particularly the case for those primarily acquainted only with filing individual taxes. Then there is the entire accounting process to consider.
Our philosophy at BFS is to take the anxiety out of the equation. If you’re doing your own taxes, because you think it might save you time or money, be careful. The complexities matter. And the pitfalls are many. Having professional tax preparers and CPAs optimize your returns and iron out both the difficulties (as well as worries) is the best course of action for any business owner who is serious about saving capital and reducing problems down the line. Factors like these can be especially important within the context of an extended tax deadline.
Though we proudly service clients in all 50 states, BFS has physical office locations in Rockville & Frederick MD as well as Vienna VA. Close proximity to the DC Metro area has helped us streamline our clients’ relationships and interactions with various government agencies (even clients across the country).
Whether you have questions about bookkeeping or full-service accounting, business tax returns for corporations, a previously filed extension, or you owe back taxes, call Business and Financial Solutions today—where paying competitive prices doesn’t mean you have to settle for less than the best from a CPA firm. Our services are provided year-round.
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