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If you missed Tax deadline for your small business, there are few things you can do to avoid penalties and fees.
The deadline for small businesses to file and pay their taxes has already passed. Actually, there are two deadlines: March 15 for partnerships, corporations, and s-corporations and multi-member LLCs, April 15 for sole proprietors and single-member LLCs.
Sometimes being overwhelmed with daily operations and employees, businesses are simply not able to wrangle the appropriate documents by these deadlines. What if you are among those who did not file your taxes in time? Don’t panic.
1) Get an extension.
2) Prepare to cover your tax expenses
3) Pay the taxes you owe
4) File your taxes by EXTENSION DEADLINE
You can request a filing extension for any reason by simply asking IRS for it. Be sure you use the right form. IRS recommend doing this ASAP.
This option will give you some more time. Depending on the organization of your business you can be eligible for either a six-month (for corporations and s-corporations, sole prop and single-member LLCs) or five-month extension (for others).
Unfortunately, filing extension does not mean that provide you more time to pay what you owe. It recommended remitting any payment you expect to pay in taxes.
Tip from IRS: “Pay as much as you can. If you owe tax but can’t pay it all at once, try to pay as much as you can when you file your tax return. Pay the remaining balance as soon as possible to stop further penalties and interest.”
Generally, the interest rate on any unpaid tax is the federal short-term rate plus 3 percent points. It compounds daily.
In addition, if you are late on your tax payments you’ll generally have to pay a late payment penalty (one-half of one percent for each month).
Usually, the IRS’s late-payment penalty is 0.5 percent per month of the outstanding tax not paid by the deadline. The maximum penalty can be as high as 25 percent.
Financial consultants at Premier Capital Funding will gladly assist you with our fast application process so you can get funds as soon as in 1-3 days.
Don’t wait for the last day to file your tax return. So do it as soon as you are able to collect all the necessary documentation. And be aware that if you miss your extension deadline, you will have to pay 5% penalty unless you have a reasonable explanation provided to IRS.