With just about a week to go before tax filings are due for LLC and S-Corp Small Businesses, it’s time to discuss what to do when your NOT ready to file and the repercussions of missing a tax filing deadline. Join us for episode 161 of the Small Business Show as we dive back into the world of Small Business taxes!
On this episode, Dave and Shannon spend time discussing tax extensions, how they work, why you would want to use one and what do in the event that you don’t have the cash to pay your tax bill. We share our thoughts on relationships with Accountants and why a few weeks before taxes are due is not the time to be searching for a new one. You’ll also find out why keeping your Accountant involved in both your personal and business life can help you save money when filing your taxes.
If you’re already having IRS problems, we’ve got some tips and tricks for changing the relationship you have with the them and what to do if you are not getting the kind of help you think you should be getting from a particular IRS agent. We wrap up the show with advice on how to not miss important deductions, tracking expenses and using retirement accounts as well as hiring your kids to lower your taxable income.
Join us today for all this and more on the show that is by, for and about Small Business!
Chapters/Timestamps
- 00:00:00 Small Business Show #161 for Wednesday, March 7, 2018
- 00:02:23 Taxes can be fun!
- 00:03:52 Find an accountant you enjoy talking with
- 00:05:30 Tax Deadlines for 2017
- 00:06:43 Understand Tax Extensions
- 00:10:00 Why aren’t you ready?
- 00:11:06 When should you send your forms to your accountant?
- 00:12:35 Let your accountant file your extensions
- 00:13:32 SPONSOR: Visit JAMF.com/SBS to get your first 3 devices free for life!
- 00:16:26 Don’t hire an accountant today
- 00:17:14 Humanize your Relationship with the IRS
- 00:18:40 You are the IRS’s customer
- 00:20:20 Request a different agent
- 00:20:48 Communicate with the IRS
- 00:23:07 The new 2018 Tax Laws
- 00:24:00 Tracking – and finding – your deductions
- 00:27:00 Put your business owner hat on and ask for NFL tickets
- 00:29:45 Look at your personal retirement accounts and options
- 00:31:37 SBS 161 Outtro
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2 Comments
arciprato · March 9, 2018 at 9:49 pm EST
QBI is the big one, though I would suspect that the change in the itemized limitations/increase of standard deduction is also going to negatively impact a number of people. Thoguh it appears that this past weekend, the AICPA did send a letter to the IRS asking for guidance on a number of section 199A issues. Though, the IRS has enough on their plate, due to the form changes resulting from the early February extenders bill passing, the repatriation issues for 2017, and all of the other tax law changes from the 2017 tax act. I”ll continue to be curious as to what all you do for consulting this year, as I”m more than a little bit tempted to copy you and attempt to pitch similar services to our clients (and I”m a few states away from you).
Turkey · March 12, 2018 at 3:37 pm EDT
Filing for an extension can be tax-smart if you’re missing critical documents or you face unexpected life events that prevent you from devoting sufficient time to your return right now. But keep in mind that, to avoid potential interest and penalties, you still must (with a few exceptions) pay any tax due by the unextended deadline. There may not be any tax liability from the partnership or S corporation return. If, however, filing for an extension for the entity return causes you to also have to file an extension for your personal return, you need to keep this in mind related to the individual tax return April 17 deadline.