How long do I keep my business records?
The IRS recommendation, in general, they should be maintained up to seven years
How long do I keep my payroll records?
In accordance with the Fair Labor Standards Act (FLSA). payroll records should be maintained for no less than three years. Wage calculation records (time cards or timesheets) should be retained for two years.
When are personal tax returns and personal taxes due?
Your personal Tax return 1040’s and all required schedules are due on April 15th. If the 15th fall on a weekend, the due date is the next business day. Taxes are due by the original deadline regardless of any extensions. If you owe you must pay your tax liability by the April 15th deadline..
When are business taxes due?
Partnership Form 1065 and S Corporation Form 1120S are due the 15th day of the 3rd month after the end if the entity tax year. It is due March 15th for a calendar-year entity. Automatic extension period of six months are due September 15th for a calendar year entity.
Do I need a license to start a business?
Most states require a business license. Contact your local office to find out if you need one.
What is a business plan and why do I need one?
What you should know about filing taxes.
Taxes are always due by the original deadline, regardless of any extensions. If you know you owe or think you will owe, you must pay your tax liability by the April tax deadline, or you could face a late payment penalty of the taxes due. On the other hand, if you requested an extension, your tax return filing is due six months from the original filing deadline. If you are the business owner of a pass-through entity, it is crucial that you know if your business will have a tax liability at the end of the year. If that is the case, you may still have to pay taxes by the original due date of your personal tax return, given that any business earnings from your business will flow through automatically onto your personal tax return.
Resources For Managing Your Finances
If you have any questions or would like to set up a free consultation with me, I’d love to hear from you!