Tax changes small business owners should be aware of as the tax deadline looms
As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year
As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year.
April 15 is still the annual tax deadline for many small businesses although, unlike individuals, small businesses can have varying deadlines depending on the type of company, the state the taxes are filed in, and other factors. Quarterly estimated tax payments are generally required throughout the year. And certain types of small businesses had to file by March 15.
Since business tax filing is complex, most experts recommend small business owners work with a professional tax adviser rather than trying to file on their own or even with tax-filing software.
“Taxes should not be scary, especially when you have a certified tax professional or someone who is your trusted adviser,” said Amber Kellogg, vice president of affiliate origination and management at business consultancy Occams Advisory. “I always say you don’t go to the dentist to get your oil changed, and you certainly shouldn’t do (taxes) yourself unless you’re an expert.”
But even if small business owners aren’t filing taxes themselves, it’s still important to stay informed about any tax changes during the year. Here are things small business owners should consider as the April 15 deadline looms.
Because of some pending tax legislation in Congress this year, Mitch Gerstein, senior tax adviser at accounting firm Isdaner & Co., said it might be a good idea to file for an extension. When you file an extension you still pay estimated taxes, but final paperwork isn’t due until September.
This gives your tax provider adequate time
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