Filed an Extension: The Clock is Ticking

Happy Labor Day to you! I hope you are enjoying this day off with family and friends. Thank you for being a part of our amazing audience and I hope you are having an amazing day. Welcome to another read on The Keys. It’s your favorite Money Motivator – Growth Instigator, Erica Fields bringing you the keys to your financial house!!

While celebrating this year, I hope you haven’t forgotten the IRS Tax Return Filing Deadline of October 15th. The dreaded day is less than 60 days away. And the short time left is hardly enough time to gather all your business income and expenses for 2017. Looking through bank statements, searching for mileage and all the indirect costs related to running your business last year will be a defeating task.

Preparation

The best defense for filing late is to get a head start on your bookkeeping. Reviewing bank statements will help identify income and most expenses. You also want to gather any support of business purchases made with personal funds and credit cards. These items will contribute to your deductions and better your chances of lowering your tax bill.

Filing

The process to file the late return is quite like the normal process to file on time. The current year form for your business is used to create the return. You will want to be sure to categorize the income and expenses on the form accurately to avoid errors. And before submitting, be sure to check your entries and sign.

Summary

Don’t wait until the deadline to get your taxes filed. It creates room for error when in a hurry to get it done. Set a schedule to make progress, one month at a time, or seek help from a tax professional today. The longer you wait, the greater your chances of missing the deadline.


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