Tax Extension Deadline For Denver Small Businesses

By Author: Brittany Lanphier
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Lanphier Accounting LLP Can Help You File Your Small Business Tax Filing Extension Paperwork

Denver, CO (April 23,2015) The date for filing your income taxes as long come and gone. However, the Internal Revenue Service allows individuals and businesses the ability to file for an extension in order to give them more time to file their taxes. For small business owners in Denver who are looking for that extension, the deadline for filing the appropriate paperwork is fast approaching.

For small businesses, filing a tax extension is everything if you don't have everything ready just yet. As a business owner, you can file for an automatic six month extension on your business federal income tax return, which gives you plenty more time to find all those receipts and get organized before filing your return.

Having more time to file your small business taxes means that you and your accountant/tax preparer have more time to review your business's financial situation and locate additional opportunities to reduce the taxes that you owe. In addition, your business can take advantage of new tax laws that are passed after ...
... the April 15th deadline has passed, preventing you from having to file an amended return. And lastly, you have the opportunity to review your return for accuracy, ensuring that you haven't missed anything on your return as well as lessening the chance of an audit finding if you do find yourself in an audit situation.

And then, of course, there are the additional fees and penalties that come along with filing a late return without having filed the appropriate paperwork for an extension. Believe it or not, small businesses can be assessed penalties and fees that can easily add up to an additional 25% of your total tax burden on top of what you might already owe.

Many tax experts suggest that all small business owners file extensions on their tax returns in order to lessen their chances of being audited. The rationale behind this practice is that IRS agents have a specific number of returns that they must audit every year. Most start this process early in order to ensure that they are meeting this quota. If your return isn't in the mix when most returns are being selected for audit, it can't be selected. Of course, this practice won't completely eliminate your chances of being audited. However, if there is a way to reduce your chances, most experts recommend it.

There are many reasons while filing an extension for your small business tax return makes sense for you. And, of course, your business may not need to file for an extension. Either way, it makes sense to discuss your situation with a tax professional today. Schedule your appointment with one of the best in small business tax preparation services in Denver: Brittany S. Lanphier CPA. You can schedule your appointment by simply calling 303-835-7936 and discuss your tax situation.