Read that again. Do not approach filing your taxes like speed dating, especially for small businesses. You cannot expect to whirl through filing your business taxes like a gigolo at a speed dating event. What kind of success can you expect running to meet a new person every three minutes? Check the statistics: speed dating only results in a 4-percent success rate in the long run. Anticipate the same dastardly (I love that word) results if you approach filing business taxes with a similar attitude.
The Future is Now
Yes, the IRS extended filing federal taxes until July 15, 2020 this year. In March or April, that probably felt like a million years away. You know, a Future You problem. Back then you needed to focus on following stay-at-home orders, COVID-19 concerns, and basically watching the world fall apart. The extension intended to give business owners time to get back to normal.
Newsflash for the Feds: we’re still not back to ‘normal’ business. But that doesn’t give you as a small business owner any more leeway. The extended deadline the federal government so graciously bestowed upon us is fast approaching. The future is now. Time to face reality and get moving.
Business taxes require more paperwork, documentation, and time to process. Meaning, business owners face a tighter crunch time that typical W-2 filers. As a double whammy, business owners also must file your first and second quarter estimated income tax payments the same day.
Get It Together… Now
Don’t try to excuse your procrastinating ways by saying you work better under pressure. I don’t subscribe to the tactic of creating self-induced stressful situations. You want pressure? Try having only three minutes to pitch yourself to a potential mate. Nope, pressure doesn’t seem to help the speed daters, regardless of their schticks. The IRS doesn’t want your smooth operator lines either.
That means you have to dig in, burn the midnight oil, and grind this out. My recommendation? Pull together all your spreadsheets, paperwork, and crumpled receipts before you get started. I promise you, if you have to get up to retrieve a stray document, something will distract you… especially food. Or finding Mr./Ms. Right.
Our offices can’t help with your dating problems, but we’re here to help you end your procrastinating ways. We can get you through this tax season and set you up for success moving forward. Future you will thank you.
Do you have business tax issues, need filing an extension, or have specific tax-related questions? RELAX. Call our office at 724-216-5180 or complete the online form to schedule a free consultation.