Last-Minute Business Tax Tips

tax tips

You’ve only got a few days left to file your taxes (April 15th is the due date), but don’t worry – our digital marketing agency has a few last-minute tips in case you run into a dilemma like:

If you don’t have enough money…

Say you have a tax liability from 2013 and your business’s minimum estimated tax payment are both due on April 15th (which is likely if you’re a sole proprietor, a partner in a partnership, or live in a state where this occurs). Don’t panic. If you can’t afford to pay for both, focus on the 2013 liability – the penalties aren’t as harsh for not paying your estimate.

If you have all your receipts in a shoebox…

Well there’s not much you can do about that now, but take it as a lesson for next year. As soon as you file this year’s taxes, start keeping track of all of your receipts electronically, then back all of those electronic files up. It will make next year’s taxes a breeze.

If you can’t decide between your income taxes and your payroll taxes…

Pay your payroll taxes. According to Fox Business, “The IRS views payroll taxes as a trust account and that’s exactly what it is.” The witholdings of your employees’ paychecks go to the government (state income taxes, social security, etc.) and if you don’t pay them, you’ll end up facing severe penalties and interest.

If you’re considering an extension…

Keep in mind that a tax extension isn’t a payment extension – you’ll still have to pay about 90% of your taxes by April 15th. But if you have incomplete paperwork, you haven’t received your Schedules K-1 yet, or if you’re still waiting on other tax forms, it may be a good idea to file for an extension so that you can file your taxes the right way. If you file for an extension and are approved, you’ll have six more months to get all of your information in order.

If you want to lower your tax bill…

There’s still time to make tax-deductible contributions – if you’re under 50, you can contribute to a regular individual retirement account. You can also make a contribution to a Health Savings Account or, if you filed for an extension, make a contribution to another pension plan by the six-month deadline.

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