If you own a small business, there’s a good chance it’s registered as an LLC. Limited Liability Corporations, or LLCs, have become very popular in the past decade, and for good reason: in many cases, these entities provide business owners with many of the benefits of owning a corporation without the downsides of an S or C-corp. An LLC is also ideal for partnerships and legal protection (that’s the limited liability part).
If you’re looking to save some money for your LLC—something all small business owners have on their minds these days—you might want to send your accountant on a vacation and file your taxes online. Not only will this be significantly cheaper, it’ll also be faster and likely nowhere near as complicated as you can imagine.
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You’ve heard it time and time again: if you’re late on your taxes, it’s in your best interest to file as soon as you possibly can—even if you can’t afford to pay your taxes just yet.
The penalties imposed by the IRS and state governments for not filing are FAR more severe than the penalties for paying late.
Right after that, the second thing you should do is not panic. Generally, the worst thing that will happen if you file late will be a few penalties and the interest that accrued on the tax bill you haven’t paid yet. While this can be a pain, it isn’t the end of the world and most individuals can “dig themselves out”.
Note that if you owe a substantial sum to the IRS and you haven’t filed yet, this is one situation where we at EasierTaxes advise readers to seek the council of a professional accountant. If you owe $20,000 or less, go ahead and file your taxes online.
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E-Filing is the easiest way to get your taxes done, especially if you take advantage of the free or incredibly affordable software we’ve suggested here at EasierTaxes. Even so, there are a few important things you should keep in mind before you start. Let’s take a look:
#1 How to Decide on Which Software You’ll Use
Continue reading “5 Things You Need to Know Before E-Filing Your Taxes” »
If you’ve never filed your taxes online before, you might be wondering why you should—we’re here to tell you exactly why. Filing taxes online offers benefits like being easier, faster, and a lot more…
#1 You’ll Save a Ton of Time
Everything about filing your taxes online is faster than doing it the traditional way. You won’t have to deal with hard copy and drown in paperwork ever again—the software handles everything for you, and once you’re done preparing your taxes, it’s just a matter electronically sending them to the IRS. Still want to go to the post office and mail hard copies for some reason? You can do that too—all tax software gives you the option of printing out your forms, pre-filled and ready to be signed.
Continue reading “7 Advantages of Filing Your Taxes Online” »