We run our businesses in the real world; it's messy and chaotic, and things rarely go exactly as we planned. There are times when even our best intentions do not help us hit every deadline.
Taxes are a big job no matter the size of your company. It is possible not to be ready to file by the April 18th deadline. The government knows this and has created a provision for such delays. Depending on the type of business you run, you can file either a 7004 form or a 4868 form to get an extension of time to submit your tax paperwork.
It is essential to ask a financial professional or check online for up-to-date information about when these forms are due to ask for additional time. Failure to submit your taxes or a formal extension can leave you buried in penalties by the due date. The Failure to File Penalty is 5% of the unpaid taxes for each month that a tax return is late, and interest is added. This is money being unnecessarily thrown away.
It's essential to have an honest conversation with your tax professional about the time you need to do your taxes. File the extension if you need it rather than stress yourself and your team to hit an unrealistic deadline.
Don't get yourself in this position again. Reach out to ShoreSource Business Solutions to help get your business prepared for tax season. Trust us, it doesn't have to be complicated.
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