Tax help > How To Get An Extension To File Your Business Tax Returns

How To Get An Extension To File Your Business Tax Returns

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..

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.

Corporate Profits Are Moving Offshore

Corporate Profits Are Moving OffshoreByPublished September 2004[http://home.earthlink.net/~beowulfinvestments/][http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]According to a study published in Tax Notes [http://www.taxanalysts.com/], between 1999 and 2002, American companies increased their profits taken in low tax countries by 68%. This means that American companies earned US$149 billion in profits that they took in eighteen tax haven countries. Taking profits in tax havens is a consequence of the increasing mobility of capital and the existence of sovereign nations with different tax systems. To do this study, Tax Notes analyzed the most recently available U.S. Commerce Department data.Most American companies try to lower their taxes by setting up foreign subsidiaries and using internal lending so profits are taken primarily in tax havens and costs are incurred in high-tax countries.

Techniques that shift profits to tax havens involve pushing...

Corporate Profits Are Moving Offshore

Tax help > Corporate Profits Are Moving Offshore

Tax Tips to Save You Time and Money

It's nearly that time again. April 15--the income tax deadline--is rapidly approaching. There aren't many taxpayers in this world who can honestly say that they have not needed help completing their tax forms. Since paying taxes is an annual event, you would think that we would get better at the procedure from year to year, but this is certainly not the case. We need help nearly every year because tax laws change dramatically, withholding tables are adjusted and our individual tax situation from deductions to dependents vary from year to year.If you are like most people you haven't yet gathered all of your tax records, let alone filed your return.

Before you get started, take some time to check on some deductions you might possibly qualify for, but are often overlooked. Points on home refinancing; health insurance premiums (including some long-term care premiums); non-cash charitable contributions (those summer clothes you gave to Goodwill); higher education expenses; work-related...

Tax Tips to Save You Time and Money

Tax help > Tax Tips to Save You Time and Money

Corporate Profits Are Moving Offshore

Techniques that shift profits to tax havens involve pushing...

Corporate Profits Are Moving Offshore

Tax help > Corporate Profits Are Moving Offshore

Get Rich Slowly

Is it hard to get rich? If you're young, not really.Its fun to play with financial calculators and see what might happen.If you have just graduated from college and are about 22 years old and if you put $100 a month in an IRA that grows at 10% a year, you will have around $865,000 at age 65. 10% a year is about what you should expect if the money was placed in a no-load S&P 500 Index Fund.So for about $23 a week or $3.30 a day you will be close to being a millionaire.If you contribute the full $4000 a year allowed right now (rising to $5000 in 2008), you would have$2,600,000. For about $11.00 a day, you would have a small fortune.If you didn't want to take a chance with the stock market (after all, it goes down sometimes), you would still have over $600,000 if you could get a 5% return.If your grandmother leaves you $10,000 in her will and you invest it for the same 43 years at 10% without adding another cent, you'd still have over $600,000 if you placed it in a tax sheltered account.Time...

Get Rich Slowly

Tax help > Get Rich Slowly

Estate Planning for Financially Savvy Parents and Grandparents

College costs are escalating rapidly.
The parent or grandparent of a 3-year-old can expect that child's 4-year college education at a state school such as Florida State University to cost nearly $100,000 assuming only a 5% tuition inflation rate. Costs at an Ivy League university such as Yale are predicted to be nearly $350,000."Parents and grandparents have a variety of options in addition to the well publicized 529 plans that can fund a child's education," states Marc H. List, J.D., CPA, a shareholder at Goldstein Lewin & Co., Certified Public Accountants and Consultants.
"Depending upon the option selected, the funds placed in a particular account may provide tax-free accumulation.

In the case of certain properly structured insurance contracts, money may be borrowed for a variety of uses and the eventual death benefit collected with no tax effects.
One or more of these options can be used as an integral component of estate planning."An explanation...

Estate Planning for Financially Savvy Parents and Grandparents

Tax help > Estate Planning for Financially Savvy Parents and Grandparents

How To Get An Extension To File Your Business Tax Returns

How To Get An Extension To File Your Business Tax Returns Tax help online degree

New, Laser-Based Natural Gas Moisture Analyzer Provides 'Maintenance-Free' Accuracy at Williston Basin Interstate Pipeline

(ContentDesk) May 9, 2006 -- Looking at the new moisture analyzer technology, the gas measurement engineers at Williston Basin Interstate Pipeline (WBIP) could see the potential savings in replacing their aluminum oxide probes with a new, laser-based type of moisture analyzer. So, we ran the numbers, and it appeared that we could save on the costs of refurbishing or replacing probes, as well as the considerable...

How To Get An Extension To File Your Business Tax Returns Tax help New, Laser-Based Natural Gas Moisture Analyzer Provides 'Maintenance-Free' Accuracy at Williston Basin Interstate Pipeline

Tax help > New, Laser-Based Natural Gas Moisture Analyzer Provides 'Maintenance-Free' Accuracy at Williston Basin Interstate Pipeline

Desert Inn Makes Room For "Encore at Wynn Las Vegas"

The towers of the legendary Desert Inn in Las Vegas (nine-story each) were imploded on November 17, 2004, in order to make room for a new construction in the "Wynn Las Vegas" project, initially planned to span over 20 acres of land.Nostalgically described as "another chapter in Las Vegas' history that is being closed beneath a cloud of dust" by Las Vegas Review Journal, the name of Desert Inn stands now by the side of other famous & former Las Vegas resorts like hearing aid How To Get An Extension To File Your Business Tax Returns Tax help
Tax help > Desert Inn Makes Room For "Encore at Wynn Las Vegas"

How To Get An Extension To File Your Business Tax Returns Tax help online degree