Every business is unique, and so is its tax situation. This leaves room for implementing many different tax strategies that would be beneficial to your business. However, many business owners don’t have the expertise required to execute these strategies.

Often times, this lack of expertise can lead to delays in your tax returns that result in a letter or fine from the IRS which can tarnish your business’s reputation. Go penalty-free this year with our guide:

Be punctual and know your due dates

The safest rule for filing tax returns is to do everything before the due date. It’s easy to get caught up in growing your business, but at what expense?

There are specific deadlines for each kind of business that are posted on the IRS’s website. These need needs to be followed to the T. You may file for a deadline extension as well, but it’s discouraged.

At the beginning of the financial year, you need to note down the tax deadlines for the year.

Any late payment has to include a penalty of half of the 1% of your unpaid taxes as well as an interest rate that’s compounded daily.

If you’re unsure of anything, file for an extension

Only on rare occasions will the IRS give you a deadline extension, so you can’t be dependent on it. If, for any reason, you’re unable to file your returns by the deadline, file for an extension. Use that time to organize all your paperwork or have your taxes sorted by a professional. Our tax specialists are experts in filing taxes for small, medium, and large businesses.

The penalty for paying your taxes late starts adding on after the due date which can range from 5 to 25% of your unpaid tax liability.

Spend your business’s money right

Your tax liability for the year, as a business, depends on your income and expenditure over the tax year. To reduce your tax liability, you can make some tax deductible purchases over the course of the year. This is the government’s way of incentivizing certain purchases.

Make sure these purchases are being made during the tax year and not in business’s financial year (though most businesses go by the tax year).

Due dates for the remaining year

Like mentioned before, you need to keep track of all the tax deadlines for the year. Here are some of the tax dates that are still to come for 2019:

15^th August 2019 – deadline for exempt organizations including the extension.

15^th September 2019 – last deadline for partnerships and S corporations.

15^th October 2019 –Last deadline for C Corporations

Sign up for our tax services online in Palm Beach County so that your tax returns are files correctly every time. We also provide payroll services for small business and other accounting solutions. Contact us at 1(954) 596-9966