Staying in compliance with the Internal Revenue code during tax time takes patience. The tax preparation burden on business owners grows each year, with increasing regulations and costs. According to the NSBA Small Business Taxation Survey, almost one half of small business owners spent over $5,000 on federal tax administration. This results in one in three business owners thinking that tax complexity is a critical problem for their business.
Starting in January, businesses should get ready to complete their information returns. Recipient copies of W-2s and most 1099s need to be mailed by the IRS deadline of January 31, or if this deadline falls on a weekend, the following business day. (For example, or 2014 filings the deadline is February 2, 2015). Some have a little more time, since the deadline for filing a 1099-B, 1099-S and certain 1099-MISC forms isn’t until February 17, 2015. Made a mistake on one of the forms? No problem! Corrections should be filed prior to the March 31 due date for W-2s and 1099s to be filed with the SSA and IRS, respectively.
To ease your business tax burden, stick with eFile4Biz.com to help you during tax season. Simply fill out or upload your recipient data and amounts, and they’ll take care of the rest.