It’s that time of year again when everyone is talking about and possibly stressing out about their taxes. Sometimes a business tax extension is necessary, but it helps to plan ahead even if you only have a few weeks or a month before the deadline. Professional tax services can keep you on track and ready to file an extension.
Does your Company Need a Business Tax Extension?
Due to many reasons, some business owners want to file an extension. Some reasons are related to uncontrollable events like COVID or the destructive winter storms in Texas. Other reasons are business specific such as mergers & acquisitions, business losses, new leadership, or unexpected growth.
Different Tax Deadlines for Different Businesses
- Please note that the deadline for corporations and S corps to file was March 15.
- Sole proprietor businesses and LLCs with only one member – deadline is April 15.
- Partnerships and multi-member LLCs – deadline is April 15.
Approval for most corporations is automatic. However, you should check with a Dallas business tax professional to assist with the process.
An extension gives you an extra six months to complete and file your business tax return. The IRS typically won’t let you extend the tax deadline for longer than six months. However, in some cases they may allow longer extensions for businesses operating in a foreign country.
Other Tax Extension Information You Should Know
The individual tax extension is now May 17 instead of April 15. However, it does not apply to business.
Please note that victims of the February winter storms were granted more time. These businesses and individuals in Texas, Oklahoma and Louisiana have until June 15, 2021, to file. Be sure to get professional advice to be sure you qualify.
Slaton is Here to Help
Business taxes are too important and complicated to be done quickly just to meet a deadline. Here at Slaton Financial Services we have financial experts that specialize in taking the worry away from owners by not only preparing their complex business taxes, but offering invaluable tax advice for the future. From new businesses to old and established ones, we offer tax preparation that you can trust.
What Slaton can Offer:
- Trusted financial service professionals
- Reputable company providing business tax services since 1989
- Clients never having to pay fees due to missed deadlines
- Verification that the accounting is correct
- Making sure that all exemptions are claimed
- Knowledge of all state and federal guidelines
- Staying up to date with pandemic-related and other extended deadlines
- Beneficial advice for future tax planning
- Utilizing advanced tax software
- Other financial services for your company
Give us a call today at 214-343-0642 or email us at [email protected] to discuss why using our professional tax services will benefit you and your company. At Slaton Financial Services, we pride ourselves on being a great partner for you and your Texas business.
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