It can be quite overwhelming for a business owner to take on the task of filing their business tax returns while also trying to manage their company. Regardless of how overwhelming the task of filing your tax returns may be, it is crucial to take care of this for your company. There are several benefits that will work to your advantage by filing these returns.
Do not be overwhelmed by the task of filing your company’s taxes, contact Enrolled Agent, Sandra King to save yourself time and hassle! Below are a list of benefits for companies when they file their taxes:
-Carry Forward Loss
If you wish to carry forward your losses from the current tax year to the next year, so you can set off the amount with future incomes it is necessary to file your taxes. You will also need to file your IT returns before taxes are due, to get a reduction in a taxable income.
Growing a business will always require money. Regardless if you are running a small or large business, at some point you will almost definitely be in a position that leads you to seek financial assistance in the form of a loan. Banks will want to look at your previous tax filings in order to decide if they are comfortable loaning you the money.
You cannot skip out on paying taxes without being faced with hefty consequences. Not only will you be penalized with fines, if you continue to not pay you can charged with tax evasion. Tax evasion is a criminal offense that can lead to you losing all of your assets and even jail time.
Sandra King Enrolled Agent
Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. You may learn more about enrolled agents in Treasury Department Circular 230(PDF). Before you call one of the large advertisers claiming to solve your problems for pennies on the dollar, take the time to talk to your trusted, local tax expert. We solve IRS tax problems locally and in every state.