Being a small business owner during tax season may not only be stressful, but can also be confusing especially if you plan on filing on your own. Which IRS forms do you need to fill out, what can you deduct, what can you do if you need more time? These questions often draw a bead of sweat down our foreheads when we think of them. Hopefully, the information below will relieve some of the stress and frustration.
When filing your business taxes, the forms that you use depend on the how your business is licensed and formed.
If you happen to encounter any issues with preparing for your filing and need more time, you can fill out IRS form 4868 for an Extension. Most forms can be filed via the IRS e-file portal at www.irs.gov . If your extension request is approved, you will have 6 months to finish and submit your filing. To save any further confusion and time, I would recommend having a financial professional like a CPA or Certified Tax Preparer file for your business, it’s worth spending the extra money for convince and accuracy.
Stay Focused. Grow Confidently.
Written By: Chris Strickland | WSC Business Solutions