|
Our Featured
Tax Article:
How To Get An Extension To File Your Business Tax Returns
by: Richard A. Chapo
Yes, the tax season is upon with the first filing date for some businesses being March 15, 2005. If you can’t imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file the appropriate form. As you might expect, there are different forms for different businesses.
An Important Note
It is vitally important that you understand that an extension to file taxes is not an extension to PAY taxes. The IRS will give you a break on the filing date, but it wants the money now! If you anticipate that you will owe taxes, you need to send in the appropriate payment. Failure to do so could result in interest charges when you eventually get around to filing your returns.
Corporations
If you conduct business as a corporation with a fiscal year-end of December 31st, you are required to file your 2004 tax returns on or before March 15, 2005. You can get an automatic extension, however, by filing form 7004 before the March 15 deadline. Form 7004 applies both to “C” and “S” corporations and grants you an automatic 6-month extension to September 15, 2005.
While this automatic extension applies to “S” corporations, you should be aware of a quirk in the tax code. Since “S” corporations “pass through” taxes to your personal returns, the six-month extension is really only a five-month extension. To file your personal tax returns, you must report information from the K-1 issued from the “S” corporation. Unfortunately, the IRS only grants automatic extensions for filing personal tax returns to August 15, 2005.
Limited Liability Company
The IRS has never really figured out to how to handle limited liability companies. It has settled on a policy of avoiding the issue and simply treating the entity as a corporation or partnership.
Limited liability companies with more than one owner typically elect to be treated as partnerships for tax purposes. If this describes your situation, the LLC is required to file tax returns by April 15, 2005. You can obtain a 3-month extension by filing form 8736. Although form 8736 contains language regarding partnerships, you will still use this form since the IRS classifies you as a partnership for tax purposes.
If you are the sole owner of an LLC, you may be in for a surprise. The IRS doesn’t recognize LLCs owned by one person. Instead, it simply considers you a sole proprietor and the rules for sole proprietorships apply. These are discussed below.
Partnership
If your business is a partnership, you are required to file tax returns by April 15, 2005. You can use form 8736 to obtain a 3-month extension.
Self-Employed/Sole-Proprietor
If you are not using a business entity, your business tax information should be reported on your personal tax return. The due date for filing your personal tax returns is April 15, 2005. You can obtain a four-month extension by filing form 4868.
Summary
Regardless of how your business is organized, the IRS will automatically grant you an extension to file your tax returns. By sending in the appropriate form, you can avoid a mad rush that will inevitably result in missing deductions and overpaying your taxes. Just make sure you pay any taxes you anticipate owing by the appropriate date.
About The Author
Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
|
|
Page: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] >>
|
 |
...quotes..Texas Holdem.. Click that tax cut..cut effects tax/Get every tax cut with TaxACT.....CUT EFFECTS TAX/ Click here: Debt Help..Craps.....Get every tax cut with TaxACT. Prepare ...
|
| |
|
|
 |
Under the President’s proposal to speed up tax relief, 92 million taxpayers would receive, on average, a tax cut of $1,083 in 2003.
|
| |
|
|
 |
CTJ is a non-profit research and advocacy group focusing on federal, state and local tax policy ... The typical tax cut for the median income taxpayer will be $600 a year ... tables and a ...
|
| |
|
|
|
Citizens for Tax Justice , 202-626-3780 February 8, 2001 Bush Tax Plan Benefits are Similar to Campaign Proposal: Skewed Toward Wealthy Click here to see this analysis in PDF format. Other ...
|
| |
|
|
 |
...tax cut effects :: The effects of George W. Bush's tax cut--the one that's going to save us from rising gas prices and the faltering economy...
|
| |
|
|
 |
FAQ Is KTJ Music a factory authorized dealer for the products we sell? Yes, KTJ Music is a factory authorized dealer for all the new brands and products we sell. However, used products do ...
|
| |
|
|
|
A Fair and Balanced Tax Cut: President Bush believes that a fair tax cut does not pick winners and losers.
|
| |
|
|
 |
... The effects of George W. Bush's tax cut--the one that's going to save us from rising gas ... an evil bastard and the tax cut a gigantic fraud that won't ...
|
| |
|
|
 |
...This page reveals new information on cut effects tax....cut effects tax resources.....Home :: cut effects tax.. Top cut effects tax Resources.....also provides related listings for cut ...
|
| |
|
|
 |
... Tax Cut Effects for Average Family of Four. Tax Cut Plan ...
|
| |
|
|
 |
...Re: Pres. J. F. Kennedy's speech and tax cut effects. From: Tom Russell.. Email: tom.....is surprising how many Liberals think of a tax cut as a “cost” instead looking back at.....Time: ...
|
| |
|
|
 |
Cut Tax - Cut Effects Tax - Kiplinger Tax Cut - Cut Kennedy Tax - Cut John Kerry Tax - 2001 Bush Cut Tax - Tax Cut 2003 - Clinton Cut Tax...
|
| |
|
|
|
...Pres. J. F. Kennedy's speech and tax cut effects. From: Harvey.. Email: jsdixon1.....Congress passed the late Pres. Kennedy's tax cut. The Treasury Dept predicted a 19.....total - in ...
|
| |
|
|
 |
This website gives a good overview of how the Bush Tax Cuts will be implemented. It targets the various Tax codes that will most vastly be affected. It also focuses on the benefits of the ...
|
| |
|
|
 |
...Of The Web .. online resources about cut effects tax.. Here is your information about.....cut effects tax resources, reviews, info.....Where can I find cut effects tax ...
|
| |
|
Page: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] >>
|
