How To Get An Extension To File Your Business Tax ReturnsWritten by Richard A. Chapo
Yes, tax season is upon with first filing date for some businesses being March 15, 2005. If you can’t imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file appropriate form. As you might expect, there are different forms for different businesses. An Important Note It is vitally important that you understand that an extension to file taxes is not an extension to PAY taxes. The IRS will give you a break on filing date, but it wants money now! If you anticipate that you will owe taxes, you need to send in appropriate payment. Failure to do so could result in interest charges when you eventually get around to filing your returns. Corporations If you conduct business as a corporation with a fiscal year-end of December 31st, you are required to file your 2004 tax returns on or before March 15, 2005. You can get an automatic extension, however, by filing form 7004 before March 15 deadline. Form 7004 applies both to “C” and “S” corporations and grants you an automatic 6-month extension to September 15, 2005. While this automatic extension applies to “S” corporations, you should be aware of a quirk in tax code. Since “S” corporations “pass through” taxes to your personal returns, six-month extension is really only a five-month extension. To file your personal tax returns, you must report information from K-1 issued from “S” corporation. Unfortunately, IRS only grants automatic extensions for filing personal tax returns to August 15, 2005. Limited Liability Company The IRS has never really figured out to how to handle limited liability companies. It has settled on a policy of avoiding issue and simply treating entity as a corporation or partnership.
| | Conquering Confidence Killers for Small Business Success Written by Peggie Arvidson-Dailey
Conquering Confidence Killers for Small Business Success "The way to develop self-confidence is to do thing you fear". -- William Jennings Bryan Whether you're generally a self-confident person, or someone continually plagued by self- doubt, you'll recognize some of these confidence killers if you: •Are overly dependent on thoughts or opinions of others; •Avoid meeting new people because you're afraid you won't fit in, be liked, or be accepted; •Focus on unrealistic expectations ("I must do each job perfectly"; "If one person is unhappy then I have failed"); •Have an 'all-or-nothing' attitude; •Pay heed to internal and external naysayer; •Use word SHOULD most often in relationship to your business; •Assume that if you don't get client, they didn't like you; •Assume that you must be as talkative, outgoing, friendly, smart, old, young, educated, attractive, as someone else in order to succeed; •Avoid implementing new ideas because they may not work; •Can recount all your shortcomings each day. Bankers will tell you that businesses fail because of lack of money. I assert that lack of money can be traced, in part, to a lack of confidence. As a trainer, motivator and a coach I see first hand affect that confidence has on an individual's or a group's success. By and large confidence grows from each small success that an individual takes towards reaching a goal. That is why I ask you to focus so much on goals and visions! When you know where you're going, you're going to gather tools and information you need to reach your destination. Your Turn - Prepare to overcome your fear. •Make a list of your personal confidence killers. Be as concise as possible. •Now make a list of ways that preparation can help you overcome your confidence killer. •Take steps you outlined in section 2 above and write out solutions to your confidence killers. Lifestyle and mindset. 1.Who do you know that is successful or exudes self-confidence? What are specific attributes they have that contribute to your perception of them? Write down those attributes and find ways to incorporate them into your daily routine. 2.Find a mentor or a coach whose goal is to see you succeed
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