Monday, February 16, 2009

Do my business taxes need to be filed by April 15th?

If you are on a calendar year-end reporting with your company, the answer is most likely yes. The only exception to that would be if you incorporated your business, in which case the company’s taxes are due March 15! You will at least have to pay any taxes you owe by that time. If you would like to file an extension for some reason you can do so, but the extension only gives you more time to file your taxes, not to pay your taxes. It’s always best to file by the original due date to get it out of the way. This way you can focus on building your business the rest of the year instead of having to be concerned about meeting your extension deadline.

Keep in mind that with your small business you will most likely have to complete your business taxes either before or at the same time you file your personal taxes. Since today is New Year’s Eve, it’s a good time to make your list of things to do in 2008 and completing your taxes on time is a great one to add to the list!

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