Jen Deal CPA PLLC, Nashville NC

Holly Lewis

Jen Deal CPA PLLC

Nashville, NC
Accounting Quickbooks Bookkeeping
Accounting Quickbooks Bookkeeping
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"Martin is very passionate about helping others achieve their goals and knowledgeable about how to..." Read more "Martin is very passionate about helping others achieve their goals and knowledgeable about how to help them succeed."
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With the tax filing deadline extended to 7/15, what advice do you have for small businesses? What are the pros and cons of filing now vs later?
Holly from Jen Deal CPA PLLC Answered this on April 06, 2020
Here's some of the Pros and Cons to filing sooner rather than later: Pro:  If you are in a business that finds itself restricted or shutdown due to corona virus mandates, you can take advantage of the extra time you have on your hands to go ahead and prepare your taxes. Things might be very busy... (more) Here's some of the Pros and Cons to filing sooner rather than later: Pro:  If you are in a business that finds itself restricted or shutdown due to corona virus mandates, you can take advantage of the extra time you have on your hands to go ahead and prepare your taxes. Things might be very busy and chaotic once regular business hours resume. Pro:  Oftentimes, a business owner's personal tax returns can not be prepared until the business return is finished. It might be worth finishing your business tax returns now if you expect to receive a refund on your personal taxes. A refund would help with personal and/or business expenses you may have now. Pro:  Even if you owe taxes, you can file your returns now and wait until the 7/15 deadline to pay what is owed. However, this only applies across the board to federal taxes; you have to verify with your state what their allowances are. Although most states allow for the filing and payment extension, some states will require interest to be collected on any unpaid taxes from 4/15 to 7/15. Pro:  The earlier you file your income taxes, the more of a head start you get on planning and preparing for 2020 taxes. Con:  Filing later in the year can perpetuate a cycle of lack of planning that could affect you in your 2020 taxes. Con:  You would have to pay your tax preparer now rather than later.