Online bookkeeping continues to make staying on top of your books a much quicker and efficient task, especially when you have what seems like a billion other balls in the air when it comes to running your small business. Just like any tool, however, QuickBooks can become less useful the more you use it, and without proper care and maintenance, you could end up pouring much of your time into important but grueling tasks such as filing your 2021 taxes. As tax season is coming to a close, however, the team at HWB Services would like to give you a few updates and pieces of advice to ensure filing goes as smoothly as possible.
When to Get Things Done
As we mentioned in a previous blog, the window to begin filing for taxes was shifted two weeks later than it normally is projected to start. For some time, the IRS were on the fence about extending the deadline date from April 15. Fortunately, a decision has been made to provide adequate time for filing by moving the deadline to May 17, 2021. While that may be a tremendous weight lifted off of your shoulders, bear in mind that taxes should not be something that you wait until the last minute to file, so make sure to get a move on this task before it is too late.
Consequences of Forgetting to File
Oftentimes it is much simpler to tell ourselves we can afford to put off a task until later, especially when there is ample time to do so. It can be easy to fall into the same trap when it comes to filing your small business taxes. After all, the deadline has been extended by an entire month! While this does afford some flexibility, it is always better to file sooner rather than later.
Whether you choose to file on your own or enlist the help of a bookkeeping professional, deadlines are important to adhere to. In fact, a number of frightening consequences may arise for failure to file, further complicating your integrity as a business. For instance, filing late can result in penalties and late fees consisting of 5% of those unpaid taxes every month you are late all the way up to a 25% cap. You can also expect a delayed reimbursement, and may even endure a tax fraud penalty. To best avoid these consequences, reach out to our team to get the help of a pro and file your taxes on time.
How Our Team Can Help
Just as we can help provide monthly maintenance or cleanup to your online bookkeeping platform, we can provide advice and tips for efficiently and effectively filing your taxes. What’s more, we can help you sift through your important files and ensure you have everything you need to get the job done.
Speak with Our Specialist Today
For more information about filing before it is too late, or to speak to our team, contact HWB Services by calling 214-273-6599 today.