What Can Small Businesses Expect For Their Taxes In 2017?
For business owners of small establishments, it is not surprising if they are looking forward on some things related to their business in the year 2017. And so, the following information below will serve as your tax guide.
There are several things that business owners of small establishments need to take into consideration.
It is indeed a challenging task to manage your own business since you are bombarded with several tasks like supervising the work of your subordinates, think of marketing strategies and overseeing your finances.
One of the things that owners of small scale business think most of the time is their taxes. As business owners, you must not overlooked this process because this cost you a lot, aside from the resource this is quite time consuming to deal with if not properly handle.
It is not a necessity for you to be a professional accountant, what you need to have is the latest information with regards to tax related matters in order for your business operations to run smoothly.
It is possible for you to find tax related matters on tax speaker but it would be at your best interest to start with simple ideas about them.
It is a good thing if you are mindful of these changes most especially if tax season is coming.
It is possible that the date or the deadline for some processes involving the tax of your business is change or move hence you must be vigilant about it.
If you are able to remember the schedule for tax day used to be April 15. Commercial establishment owners these days file their income tax returns at varied time of the year, it is possible that you are obliged to file early that what you are used to or later.
For example, you are categorized as C-Corporation, then you can relax for a while.
For those business establishments under the C-Corporation, the deadline for their filing of tax returns is moved from March 15th to April 15th.
Those business establishments under Partnerships and S-Corporations need to file a little bit earlier. Before the deadline was until April 15th however this was change into March 15th.
There were also changes in the partnership audit rules.
You must be aware also that there was a specific tax change that is not yet applied until 2018. For those business establishment that will be under the said tax change should prepare ahead of time.
Are you involved in a business partnership? If yes, then you must be prepared for the modifications in the filing process next year.
If there will be an audit that will happen on 2018, then those businesses under the partnership category will be taken as an entity level instead of a partner level.
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