Tax changes small business owners should be aware of as the tax deadline looms

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 63%

Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year. April 15 is still the annual tax...

April 15 is still the annual tax deadline for many small businesses although, unlike individuals, small businesses can have varying deadlines depending on the type of company, the state the taxes are filed in, and other factors. Quarterly estimated tax payments are generally required throughout the year. And certain types of small businesses had to file by March 15.

This gives your tax provider adequate time to file a return. And it’s cheaper to file an extension than an amended return, which costs more in administrative fees. But starting in 2022 due to new legislation, companies have had to “capitalize” the expense – or spread it out over several years. That means they must now write off the expenses over five years for U.S.-based R&D, or 15 years for foreign R&D expenses.

“ need to be able to keep accurate records throughout the year and not have to go back in April and go, gosh, what what was this receipt for,” said Occams Advisory’s Amber Kellogg, “Keeping those, accurate records is very, very important.”Maybe you're a planner, your taxes were filed weeks ago and now you're just waiting on the refund. And waiting. Here's why you might wait longer.The 2024 tax deadline is quickly approaching. For most Americans, the deadline is April 15.

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 47. in BE

Belgique Dernières Nouvelles, Belgique Actualités