Last week we look at estimated business taxes for business owners, and how you might be affected come Tax Day on April 15. From our last post, you should have a better idea of what to do whether you own a small business or a corporation, but how do you go about preventing penalties? After all, that’s what everyone cares about most, right? Not spending more than you have to? Of course it is, which is why we’re here to help!
With Tax Day right around the corner, people are hustling to make sure they have everything in order when April 15 rolls around. Everyone needs to have all of the necessary paperwork in order to file their income taxes for 2013, but is that all? No, the IRS’s April Fool’s Day prank isn’t two weeks delayed—you actually may owe additional payments on April 15! For business owners, this is the time that estimated tax payments are due for the current year. Not only that, but if you don’t estimate accurately, you’ll owe a penalty if you underpay.