Among all of the things on your mind as a business owner, the last thing you need to worry about is an audit from the IRS. The ripple affects could hurt your pocketbook, rob you of precious time, slow down production, and hurt your reputation. None of this is good, but it’s all preventable. 

Your taxes would normally be due on Monday. The deadline to file your extension for taxes from 2021 is also Monday, April 18th. Just a few reminders per the IRS:

• Filing an extension does not offer an extension for your tax payment.

• It’s in your best interest to pay whatever you estimate your taxes are in advance. Doing this will avoid any penalties you could be liable for. 

• The last day you have to file your extension is the day your taxes would normally be due.

You can do so online at irs.gov or by mail. We recommend doing so by digital submission. The form you will need is Form 7004. It will offer you an extension of six months into October 2022. If you haven’t already reached out to your accountant, right now might be a good time to make that call. Just because you have six months doesn't mean you should wait until September to get started. You’ll want to leave plenty of time to address concerns, compile documents, and mitigate any issues that arise.

This is also a great time to double check the fidelity of your EIN Number. It will likely be a tax necessity when the time comes if you have not already filed. If you’re self employed and function as a sole proprietorship this will be your social security number. Though some small business owners feel most comfortable as disregarded entities, We would be remiss to not remind you that your protection capabilities for your personal assets are almost nonexistent and During tax time you may see the most negative impact of your lack of filing. 

If you’re operating under a sole proprietorship and made a little more than usual last year, or if you’ve purchased any new major property for your home or business: this might be a good time to consider restructuring and protecting some of your personal assets from tax liability. 

Ready to restructure? Now is a better time than ever to start a new business services with TEIL. Now through May 31, new clients receive 20% OFF any new business service. 

CALL or Book your consultation HERE to get started.

Get Form 7004 HERE.