Starting a business can be a daunting task, but forming a Limited Liability Company (LLC) can help protect your personal assets and provide tax benefits. However, before jumping into forming an LLC, it’s important to understand the key aspects of this business structure. In this blog post, we will discuss three essential things you need to know about your
It’s that time of the year again – tax season! With the deadline to file federal tax returns for most Americans quickly approaching on Tuesday, April 18, 2023, it’s important to ensure that you have all of your financial information in order. If you’re not quite ready to submit your personal taxes by the deadline, don’t panic! Proby’s Tax & Accounting Services can file an extension for both your personal and business taxes, giving you additional time to gather all of the necessary information to file accurately and avoid penalties for late filing.
The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. These penalties can add up quickly, making it important to file your taxes on time. By filing for an extension, you can avoid these penalties while also ensuring that you don’t miss out on any tax deductions or credits to which you’re entitled. This can be especially important if you have complex financial situations, such as business ownership, investments, or rental properties.
In addition to avoiding penalties, filing for a tax extension can provide a variety of benefits:
More Time to Organize Your Finances: Filing for an extension can give you additional time to gather all of your financial documents, receipts, and other paperwork necessary to file your taxes accurately.
Reduced Stress: Tax season can be a stressful time, and rushing to file your taxes by the deadline can add unnecessary pressure. Filing for an extension can provide some relief and allow you to take your time to file accurately.
Avoid Mistakes: By rushing to file your taxes, you may make mistakes or overlook important deductions or credits. Taking the extra time to file with an extension can help ensure that you don’t miss anything important.
Additional Time for Professional Help: If you work with a tax professional, filing for an extension can provide them with additional time to assist you in filing your taxes accurately.
At Proby’s Tax & Accounting Services, we understand that tax season can be overwhelming. That’s why we offer a no-cost one-on-one phone consultation to help you understand your options and ensure that you file accurately and on time. Don’t let the stress of tax season get you down – schedule your consultation today and let us help you navigate the process.