Businesses that put off…filing their taxes are going to cause problems for their company.
Tucson, AZ (PRWEB) February 15, 2013
Freeman & St. Clair recommend that Tucson small business clients set time aside early in tax season. Every year too many businesses fail to recognize the implications of pushing their tax preparations until late in the tax season.
The three most common consequences that result from delaying tax preparation and filing include:
1. Rushing an accountant to complete the job will not result in the best possible results. Provide them with the time to do the job correctly. When rushed, the accountant may not have the necessary time to recognize and include each and every available deduction/benefit to which the taxpayer could be entitled.
2. Waiting until late in tax season often means that the tax preparer of choice will be booked. Working with an unknown accountant can be unpredictable.
3. Pushing tax preparation to the limit means any unforeseen circumstances could result in filing late and the resulting late fees.
As Arizona bankruptcy attorneys and experts on the subject of all forms of corporate law, Freeman & St. Clair considers common problems that upset the financial health of businesses to be of concern. Many businesses can trace financial crises back to failed tax planning or large tax debt and/or penalties. Avoiding these situations only benefits Freeman & St. Clair’s clients.
Bob St. Clair of Freeman and St. Clair said, “We can provide legal services and legal advice for clients, but businesses that put off the obvious like filing their taxes are going to cause problems for themselves.”
Organization is crucial when doing taxes. IRS tax audits require that taxpayers produce three years of financial records. Companies who find themselves in need of a payment plan or settlement plan will find that they are required to submit a substantial amount of financial documentation prior to being eligible. Companies should carefully organize records and important financial documentation and keep it in a secure location to avoid having future tax problems.
Freeman & St. Clair provides personal legal representation in Tucson, Arizona. With over 35 years of experience, they are known as the small firm for small businesses. The firm provides a full range of legal services: corporate law, litigation, collections, bankruptcies, personal injuries, estate planning, etc.