Two annual signs of spring are warmer weather and the April 15th filing date with the IRS. While springtime warmth may not seem like a guarantee in this unseasonably cold 2014, there is no doubt that tax day is coming.
Many small companies have had a rough go of it this year. However, the IRS won’t be interested in excuses; the agency expects you to itemize deductions properly and file returns on time.
I can’t stress enough the importance of having receipts to back up deductions, especially capital expenses, which can be substantial write-offs. Vehicles, laptops, printers, business software, and standard office supplies are deductible. Don’t forget to take advantage of them.
Make copies of your receipts or, better yet, scan them and file on your company’s shared drive or cloud computing systems. There are even companies, such as Receipt Filer Lite, that can help you organize your records.
The IRS will allow an automatic 3 month extension for filing form 1040. However, 100% of the tax liability must be submitted with the request for additional time to file form 1040.
Lastly, if you wind up owing money to the IRS and don’t have the cash on hand, companies such as www.Biz2credit.com can help with short-term funding solutions, such as business lines of credit and cash advances.