Do You Still Have Outstanding Business Tax Returns?
Do You Still Have Outstanding Business Tax Returns?
Entrepreneurs have a lot on their plate, as do all business owners. However, whether you’re just starting out or you’ve been in business for years, you need to makes sure that you stay up to date on your taxes. Missing taxes returns or filing them late can bring huge headaches, and in some cases big fines and/or even prison time. If you don’t file a return you stand to be penalized 5 percent every month for the unpaid amount with a maximum of 25 percent.
Some business owners who take a loss figure they don’t need to bother filing a return because they don’t owe any tax. That’s also a mistake. Did you know that you could actually use your losses for future years, or even past years, when you make a profit? That can help reduce your tax bill. You might also be missing out on big tax credits during those down years. So file a return even if you don’t owe any taxes.
On the other hand, some business owners know they will owe money to the IRS but think that the agency will never get around to tracking them down. Don’t make that mistake either. It might take a while, but the IRS will most likely eventually come calling. If you have already made the mistake of not filing for a year or more, then be proactive and start filing late returns now. The term better late than never is very true when it comes to tax returns.
http://www.forbes.com/sites/tomtaulli/2016/08/19/what-if-you-havent-filed-tax-returns-for-your-business/#60cadd1a72bd
We hope you found this article about “Do You Still Have Outstanding Business Tax Returns?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Identify Your Firm’s Future Leaders
Identify your firm’s future leaders; leaders are increasingly being asked to identify the emerging leaders in their organizations. To help in this process, we recently examined 360-degree performance appraisal data on more than 120 emerging leaders from 18 North American companies to see what leadership competencies ranked as important in selecting internal associates for…
Key Elements to Successful Teamwork
Key Elements to Successful Teamwork At our recent leadership retreat our team focused on two topics: Trust and accountability. After reading several books and having lively discussions for two days it became clear that a firm must have trust in order to hold people accountable. This is not a new or difficult concept; however, becoming…
The Perfect Leadership Trio
The Perfect Leadership Trio Chip Conley, author of ” The Rebel Rules: Daring to be Yourself in Business, says your management team should consist of a brain trust that includes a “passionate visionary,” a “get-your-hands-dirty operator,” and a “responsible, finance-minded executive.” But how do you use this in your business? 1. Passionate visionary. The passionate…
Attorneys for the Rich Anxiously Await Trump’s Plan for Estate Tax
Chances are most people will never have to worry about paying a federal estate tax, since the value of most people’s estates don’t exceed $5.34 million. However, if president Trump has his way, not even the very few taxpayers that would have otherwise been affected by this law, will have to worry about it…