Business Taxes - Vyde

12 Creative, Tax Deductible Ways to Promote Your Small Business This Holiday Season

The holidays are coming quickly! Is your small business ready? The best way to execute any marketing plan is to start early and plan thoroughly. Use these creative ways to promote your small business and get the most bang for your buck by making sure your festivities are tax deductible.

HALLOWEEN:

1. Have your logo printed on Halloween candy. Check out these websites: shindigz.com and whcandy.com for ordering and ideas.

2. Attach a business card or promotional flyer to your goodies. A quick, easy way to get the word out about your small business to trick-or-treaters and their families. Tax deductible, too!

3. Send a box of candy to clients in October. They’ll get lots of goodies around Christmas time, but they’re sure to remember the company that started early and sent them something for Halloween, too.

4. Donate any leftover candy to the US troops. Read more about that, here. “Charitable organizations with 501(3)c status like Operation Gratitude and Soldiers’ Angels collect leftover Halloween candy to include in care packages for soldiers. They are two of many 501(c)3 organizations on the IRS-approved list to donate tax deductible charitable goods.

THANKSGIVING:

5. Sponsor a food drive or coat drive. This is a great way to get employees and clients excited about giving back to the community and any money you donate to the cause is tax deductible.

6. Send out a “thankful” postcard or greeting to clients. There is no better time of year than Thanksgiving to let clients know how appreciative you are of their continued support. A genuine, thoughtful message from you can go a long way. Bonus: all printing and shipping is tax deductible.

7. Organize a 5k or other charity event. If you start early enough, you can plan a “Turkey Trot 5k” on or before Thanksgiving day and donate the proceeds to a local charity. Promotional materials like t-shirts or wristbands are tax deductible, and you’ll likely get some free media coverage from the event.

8. Find a way to serve Black Friday Shoppers. Nearly all small businesses capitalize on Black Friday sales, (and you can too!) but you can also offer free hot chocolate or some kind of treat to those wary shoppers waiting in line for doors to their favorite stores to open. Don’t forget to hand out business cards or flyers promoting your holiday sales as well.

CHRISTMAS:

9. Send your clients a gift or card. Keep in mind that you can only deduct $25 worth of gifts for each client in a year. Visit Vyde’s holiday gift giving guide, here.

10. Join other businesses to host a gift-giving tree. Find a local charity, put a tree in the business district or shopping area, post Christmas wishes on the tree, and have customers pick a wish and buy the desired gift.

11. Hold a “12 Days of Christmas” sale, event or contest. Give away a different prize every day, offer a different discount every day or spotlight a different product every day. All prizes you buy are tax deductible for your small business.

12. Hold a Christmas party at the office. Invite clients, customers, employees, and their families for a breakfast or luncheon. It doesn’t have to be terribly expensive to be fun. Plan some games, throw together a few refreshments, and show your gratitude for all who help make your business great.

How do you promote your small business during the holidays? Share with us on our Facebook page for a chance to be featured on our blog!

5 Steps to Open a Business Bank Account

As an entrepreneur, one of the first things on your to-do list should be to open a business bank account for your newly formed business. Even if you’re not yet making money, you’re likely investing at least a small amount in getting things up and running. A business bank account isn’t just a place to hold the millions of dollars you’re sure to make, it’s a record of transactions that will become invaluable to you as you carry on your new business venture. A business bank account helps you track expenses, show proof of transactions if you were to be audited by the IRS, and find deductions for your small business you may have otherwise missed. We’ll walk you through the steps of choosing a bank that’s right for you, getting your account set up, and using your bank statements to help with bookkeeping and accounting tasks.

5 Steps to Open a Business Bank Account

1. Choose the bank that’s right for your small business. The decision to go with a large corporate bank, credit union, or regional bank for your small business account can be quite overwhelming. All offer a plethora of loans, credit cards, fees, etc. and all would be happy to house your money for you. Here are a few points to consider when choosing the right bank:

1. - Fees. All banks have them, and there is really no escaping them for a business bank account. Depending on the size and needs of your business, your bank fees should be manageable. Larger corporate banks normally offer lower rates to start up businesses because of their volume of clients. When choosing a bank, be sure to ask about ATM fees, checking and savings account fees, maintenance fees, and any fees that may increase in the future. Make sure if you sign up during a promotional period, your bank fees won’t skyrocket when the promotion ends.
  - Minimum Balances. Some banks require that small business owners keep a minimum balance in their account at all times. Be sure to check what this fee is for each bank–whether it is $25 or $1,000, it’s best to be in the know before making a commitment.
  - Lending Opportunities. If you need a small business loan, this will be especially important. Ask several banks about their small business loans and the availability of them. A loan officer can help determine if you qualify for a small business loan, interest rates, and how much they are able to offer you. Typically, regional banks and credit unions are able to offer more flexibility in small business loans.
  - Online Accessibility. In our increasingly mobile world, online features and ease can be a huge relief to small business owners. If online banking is important to you, be sure to compare and contrast features offered from each bank. Mobile check deposits, withdrawals, transfers, and online bill pay are a few of the most commonly offered features small business owners take advantage of.

2. Gather the necessary documents to open a business bank account. Here’s a quick checklist on what you’ll need to bring with you to the bank when you go to open your account.

1. - EIN. You should have requested an Employer Identification Number from the IRS that identifies your business in the tax world. If you don’t have this number yet, you can request one here and receive it immediately.
  - Identification. Bring your driver’s license or another form of ID to prove that you’re you.
  - Certification of Business Identity. After you’ve filed paperwork to establish your business with the state, you’ll need to bring this proof to the bank. If you set up an LLC, you’ll need Articles of Organization. If you set up a proprietorship, you’ll need your DBA (Doing Business As) papers. If you set up a corporation, you’ll need to bring your Articles of Incorporation. Have questions about how to choose an entity and establish your business with the state? We can help.
  - Business License. Many states require a business license to operate. If it’s required in your state, the state will let you know, instruct you on how to obtain one, and the bank will need to see it before you can open your business bank account.

3. Fill out your business bank account application. Each bank has their own specific application, but all will require paperwork to be filled out with basic information. You can pick up the application beforehand and fill it out at home so you’re sure to do it correctly.

4. Sit down with a banker to open your account. After you’ve chosen a bank, gathered all the necessary paperwork, and filled out your business bank account application, you’re ready to sit down with a banker and open your account. They’ll walk you through the process, check your credit score, advise you on best business banking practices, and provide you with a bank account number and any other information relevant to your account. The banker will be able to help you choose the right account to meet your small business needs.

5. Receive a check card and temporary checks. The bank will likely provide you with a temporary ATM or debit card, in addition to temporary checks that can be used immediately after your account has been opened. They will then mail you an official check card and checkbook shortly thereafter.

A business bank account will not only help you track expenses and income throughout the year, it will act as a second record in addition to your small business bookkeeping tasks. Any transaction you may have forgotten to record will show up on your bank statements. A business bank account will also help you avoid these common business accounting mistakes.

Any experienced small business owner will testify that it’s best to keep your business and personal bank accounts separate to avoid confusion. Read here and here for more accounting tips on tracking and separating business and personal expenses while your business is in its infant stage.

How to Calculate Self-Employment Taxes for Real Estate Professionals & Agents

Any individual engaged in a trade or business as a sole proprietor, partnership, or part of an LLC must pay self-employment taxes on net earnings. If you’re a real estate professional, you most likely belong in one of these categories and are also subject to this tax.

Self-employment taxes, as referred to by the IRS, include Social Security and Medicare. The term is not all-inclusive and does not include any other taxes that self-employed individuals may be required to file.

Here’s what you need to know:

1. The self-employment tax rate for 2015 is 15.3%.

4% going toward Social Security
9% going toward Medicare
The income limit on this rate is $118,500. If your income as a real estate professional exceeds this amount, you will be required to pay an additional 0.9% in Medicare tax.

2. Deduct the employer-equivalent portion of your self-employment tax in figuring your adjusted gross income.

This means you can subtract ½ of your self-employment tax from your total net earning for the year.
Example: if you owe $3,000 for self-employment tax, you can claim an adjustment of $1,500, which reduces your income tax by $375 if you’re in a 25 percent tax bracket.

3. This is the amount you pay quarterly.

While it may seem like you’re getting taxed in every direction for being your own boss, keep in mind that self-employment taxes are actually the same taxes that are being withheld from a standard employee’s paycheck. You can calculate your own self-employment tax by using a Schedule SE.
If you are operating your real estate business as an individual and have not formed a partnership, you will report your net profit on a Schedule C which can be included on a Form 1040.

These payments should be included in your estimated quarterly tax payments, your small business bookkeeping and paid throughout the year. Federal estimated quarterly tax payment dates are due April 15, June 15, September 15, and January 15 each year.

Other posts that might interest you:

How to Legally Structure a Real Estate Partnership or Agency

How to Track & Separate Business and Personal Expenses as a Realtor or Real Estate Agent

The Top 10 Tax Deductions for Realtors and Real Estate Agents

What You Can and Cannot Deduct for Advertising Your Real Estate Business

Top 4 Tips on Tracking Mileage and Deducting Vehicle Expenses as a Real Estate Agent

6 Ways to Save Time and Money on Bookkeeping and Accounting as a Realtor or Real Estate Agent

How Do I Figure My Estimated Quarterly Taxes? For Realtors, Real Estate Brokers, and Property Managers

How to Develop an Exit Strategy for Your Real Estate Agency Partnership

How to Develop a Succession Plan for Your Real Estate Partnership

Effective Ways: How To Get Out of a Real Estate Partnership

You just formed a real estate partnership. As hard as it is to imagine an ending to your newly formed venture, an exit strategy belongs in every business plan. Adding an exit strategy to your real estate partnership ensures protection for both partners. It will also reinforce that the business venture is a professional relationship, not a personal one.

There are several possible reasons for needing an exit strategy for your real estate partnership.

Here are a few possibilities to consider when developing an exit strategy with your real estate business partner.

Resignation. Your exit strategy should clearly define what happens if one partner decides to resign from the business. How will the partners be compensated if one walks away? What will happen if the business is sold or acquired by someone else?
Disagreement. Fighting and disagreement are one of the most unpleasant ways to dissolve a partnership, yet surprisingly common. If the only solution is to split, then partners should know ahead of time how they will handle things.
Financial Conflict. Differing ideas on how to spend, distribute, or invest money made in a partnership can be a tricky task. Involving an accountant in the development of your exit strategy for your real estate partnership can ensure that business finances run smoothly, even if the partnership dissolves.
Merging or Selling. The exit strategy for your real estate partnership should address how to handle the business if it grows, either through merging or selling.
Buy-out. A good exit strategy includes the possibility of one partner wanting to buy the other partner out. Planning ahead for a buy-out will create a smooth financial transaction.
Death. Details should include what the financial compensation package should be for the surviving family members. You should also decide who will own the deceased partner’s portion of the business. Will the new stakeholder continue in the business? The new stakeholder and surviving partner can decide this later.
Divorce. Your exit strategy should also include guidelines for what happens if one of the real estate partners gets divorced. If you don’t anticipate the possibility of divorce, then you may find yourself with an ex-spouse as a new partner.
Disability. An exit strategy should include clear guidelines about what path the business will take if one partner becomes disabled. This part of the strategy can be the most difficult to develop because while a partner may be disabled—mentally, physically, or even financially—they still have a stake in the business. Disability points to discuss should include transfer of ownership, short and long-term disability payments, and finally, health insurance coverage for the disabled partner and his or her dependents.

Why you absolutely need an exit strategy for your real estate partnership.

A clearly defined exit strategy in a real estate partnership does more than just determine answers for the “what if” questions. It provides peace of mind for both partners. It ensures a fair outcome when the partnership comes to an end. Have your accountant help you draft and/or review your exit strategy for your real estate partnership.

Along with having a plan for exiting your partnership, you should also create a succession plan. Succession planning identifies and develops internal and external individuals to potentially fill key business leadership positions in the future. This makes sure that individuals are prepared for the future and gives peace of mind to all players that a plan is in place. Read more here about succession planning and how a good accountant and virtual bookkeeper can help with this important part of your real estate business.

How Much Should I Set Aside for Taxes as a Real Estate Agent? For Realtors, Real Estate Brokers, and Property Managers

How much should I set aside for taxes as a real estate agent? As a self-employed individuals are required to make estimated quarterly tax payments, a pay-as-you-earn system for federal taxes. Realtors, real estate agents, brokers, and property managers are considered to be self-employed by the IRS and are subject to these payments. If you anticipate, through your small business bookkeeping, that your end of year tax bill to be more than $1,000, you need to make quarterly payments to the IRS.

How to quickly calculate your estimated quarterly tax payment as a realtor, broker or property manager:

Estimate your total commissions and business expenses for the year. If you’re not sure, look back on previous years’ records and make a prediction at what your commission might be and take an average of what your expenses have been in the past. Subtract your business expenses from your predicted commission to determine your net income.
Multiply your net income by the Self Employment Tax Rate. Currently, the self-employment tax rate is at 15.3% (12.4% Social Security + 2.9% Medicare tax). A quick example: if you predict your total commission for the year to be $40,000, multiply that number by .153, which equals $6,120 in self-employment tax due for the entire year.
Divide your self-employment tax amount by two. Using the example in the previous step, take $6,120 divided by 2 and you have $3,060. You are allowed to use half of your self-employment tax as a deduction against your income.
Subtract ½ of your self-employment amount from your net income. In this case, $40,000 minus $3,060 equals $36,940.
Subtract your standard or itemized deduction from your net income from step 4. Estimate your itemized deductions or obtain the standard deduction form from the IRS website. If you estimate $10,000 in deductions, you now have $25,940.
Subtract the personal exemption allowed for the year from the new number in step 5. To see what your personal exemption is, click The amount of personal exemption you’re allowed to claim changes from year to year, so be sure to get the correct number from the IRS website.
Use the most current tax rate table (also found on the IRS website) to calculate the amount of federal tax due on your adjusted gross income (the amount calculated in step 6).
Subtract estimated tax credits from the number calculated in step 7. Be sure to see if you qualify for a child or dependent tax credit.
Add your total estimated federal tax due to the total estimated self employment tax due. Then divide this total by 4.
Make estimated quarterly tax payments of the amount calculated in step 9. Estimated quarterly tax payments are due on April 15, June 15, September 15, and January 18.

Need help filing your estimated quarterly tax payments as a realtor or real estate agent? We can help you out.

Interested in Learning More?

Schedule a free consultation with our team!

Top 4 Tips on Tracking Mileage and Deducting Vehicle Expenses as a Real Estate Agent

If you’re a real estate agent, you’re putting more miles on your vehicle than most other business owners. Constantly traveling to and from your office and home, real estate properties, home showings, listing appointments, and more; it adds up the miles quickly! In order to be in accordance with the IRS regulations when it comes to driving expenses, there are a few things you have to keep track of for your deductions to count.

Tips on Tracking Mileage and Deducting Vehicle Expenses as a Real Estate Agent

Keep a business mileage log. Real estate agents’ routes are unpredictable. Unlike many other business owners, they aren’t simply driving to the office and around town to run errands every day. Some days they are in the car for hours, driving to locations they’ve never been and perhaps will never go to again. The IRS wants to know the total number of miles you drove for your business in a given year. While your commute to and from the office doesn’t count, almost all other business travel does. The best way to have accurate records for the IRS is to keep contemporaneous records—meaning your records are created each day you drive for business or shortly after. While a paper and pencil mileage log works just as well as anything, there are several ways to utilize technology to keep track. Logging the miles on your GPS may provide you with the most accurate record without much maintenance. Apps like Mileage Log+ or Everlance automatically calculate your distances by entering where you’re leaving from and where you’re going. When tax season rolls around, you just export your mileage for the year and hand it over to your account. How easy is that?
No records? No problem. If you haven’t been keeping a mileage log this year, you’re not completely out of luck. While the IRS frowns upon records constructed after the fact, if you can prove you drove to where you said you drove, you can still deduct your mileage. If you maintain a calendar, appointment book, or planner, you can go back through your records and calculate your mileage based on the appointments you attended. While a firsthand record is recommended and the most accurate, you can still deduct miles driven by calculating them this way. However, it is likely less likely to be accurate when looking back through records and trying to remember where you drove.
Calculate the actual expense of your vehicle expenses for business. While this method can be tricky, some real estate agents find that keeping track of all vehicle expenses throughout the year gives them a bigger deduction come tax season. This method requires keeping track of gas, oil changes, tires, repairs, insurance, registration fees, licenses, depreciation, and all other vehicle expenses. At the end of the year, you’ll provide your accountant with all these records to determine how much of a deduction you can take for your car.
Use the Standard Mileage Rate. This method of keeping track of vehicle business expenses is usually the easiest and most effective for a real estate agent. The standard mileage rate generally gives business owners a larger deduction, as long as their car is fairly economical. You still have to track your mileage, but records of other expenses are not quite as critical. Basically, with the Standard Mileage Rate, you are allowed a deduction of 57.5 cents per mile driven in a year. Using this method, you don’t deduct new tires, oil changes, or other expenses—it’s all factored in! If you drove your car 10,000 last year for you real estate agent business, you’re looking at a deduction of $5,750. Cha-ching!

Still have questions about using your car as a real estate agent? Give us a call, we’d love to help you out.

Other posts that might interest you:

How to Legally Structure a Real Estate Partnership or Agency

How to Track & Separate Business and Personal Expenses as a Realtor or Real Estate Agent

The Top 10 Tax Deductions for Realtors and Real Estate Agents

What You Can and Cannot Deduct for Advertising Your Real Estate Business

6 Ways to Save Time and Money on Bookkeeping and Accounting as a Realtor or Real Estate Agent

How to Calculate Self-Employment Taxes for Real Estate Professionals and Agents

How Do I Figure My Estimated Quarterly Taxes? For Realtors, Real Estate Brokers, and Property Managers

How to Develop an Exit Strategy for Your Real Estate Agency Partnership

How to Develop a Succession Plan for Your Real Estate Partnership

What You Can and Cannot Deduct For Advertising Your Real Estate Business

Realtors and real estate agents rely a great deal on advertising and promotions to build their business and keep it going strong. Almost any kind of advertising is tax deductible for a real estate business, as long as the expenses are ordinary, necessary, and within reason. However, there are some advertising expenses are not tax deductible. Before you start combing through your advertising budget for deductions and talking to your virtual bookkeeper, use this handy checklist to help you keep track of tax deductible advertising expenses.

Basic Tax Deductible Expenses for Small Businesses and Real Estate Agents

Business cards
Brochures
Flyers
Signs for storefront or vehicle
Yellow page advertisements
Internet advertisements
Magazine advertisements
Radio and/or television commercials and advertisements
Website set-up and maintenance
Fees paid to web developers, graphic designers, public relations agencies, and other people or businesses you paid to help you promote your company
Print materials promoting your business
Balloons, decorations, refreshments, and other items used at open houses
Billboards
The cost of staging a home to increase its appeal to buyers (Raylynn, does this make sense? Would you consider this advertising?)

Tax Deductible GoodWill Advertising Ideas

If it relates to your real estate business and you expect to gain in the future, you can deduct “goodwill” or institutional advertising meant to keep your name before the public. Examples of goodwill advertising for realtors include:

Sponsoring a youth sports team such as Little League baseball or soccer
Advertisements (print or online) that encourage people to donate to specific charities
Donating money to local school events or causes
Walking in a parade to promote your business and handing out Frisbees, t-shirts, or other materials with your business’ name on them
Giving away products or samples
Holding contests and giving away prizes

Tax Deductible Promotional Giveaway Items

Structuring giveaways correctly can be tricky, but beneficial for your real estate business. Giveaway items that you use to publicize and promote your business are tax deductible. A few common items realtors give away include:

Pens
T-shirts
Tote bags
Keychains
Mousepads
Magnets
Coffee Cups
Calendars

Advertising Expenses You Can’t Deduct as a Realtor

Permanent signs for your business. Signs that will last less than a year (cardboard signs or banners) can be deducted, but permanent signs are considered a business expense and can be depreciated from year to year, but cannot be deducted as an advertising expense
Advertisements to influence government legislation
“Help Wanted” ads are not considered advertisements, but can be deducted as operating expenses
Time and labor put into the creation of a giveaway and distribution of products
You cannot deduct more than $25 worth of “gifts” per recipient, per year
Expenses that are primarily personal, even if they promote your business. For example, you can invite your best customers to your child’s wedding, but you cannot deduct the cost of the wedding because your clients came

There are thousands more tax deductible real estate business expenses than listed here. Have a question about a deduction for your real estate business? Vyde can help you answer it.

Other posts that might interest you:

How to Legally Structure a Real Estate Partnership or Agency

How to Track & Separate Business and Personal Expenses as a Realtor or Real Estate Agent

The Top 10 Tax Deductions for Realtors and Real Estate Agents

Top 4 Tips on Tracking Mileage and Deducting Vehicle Expenses as a Real Estate Agent

6 Ways to Save Time and Money on Bookkeeping and Accounting as a Realtor or Real Estate Agent

How to Calculate Self-Employment Taxes for Real Estate Professionals and Agents

How Do I Figure My Estimated Quarterly Taxes? For Realtors, Real Estate Brokers, and Property Managers

How to Develop an Exit Strategy for Your Real Estate Agency Partnership

How to Develop a Succession Plan for Your Real Estate Partnership

Q&A: Personal and Corporate Business Tax Extensions

If you have filed (or plan to file) a tax extension, Vyde has got you covered. From everything on how to file a personal or business tax extension with the IRS to what to do if you miss the tax deadline, and more…it’s all here. Check out the Q&A series on personal and corporate business tax extensions by exploring these posts:

Corporate Business Tax Extensions

6 Reasons Why Filing a Tax Extension with the IRS is a Good Decision

Top 10 Things You Should Do If You File a Corporate Business Tax Extension

Q&A: How to file a corporate business income tax extension with the IRS

Q&A: Do I need to request a state tax extension if I filed an IRS tax extension?

Q&A: My 6 month extension on my corporate business taxes is due on 9/15. Help!

Q&A: What if I can’t file my corporate business taxes by my IRS tax extension deadline?

Q&A: Can I file a second IRS tax deadline extension for my corporate business taxes?

Q&A: How do I file an amended tax return for my business?

Q&A: What if I missed the IRS tax extension deadline?

Personal Tax Extensions

6 Reasons Why Filing a Tax Extension with the IRS is a Good Decision

Top 10 Things You Should Do If You File a Personal Tax Extension

Q&A: How to file an individual income tax extension with the IRS

Q&A: Do I need to request a state tax extension if I filed an IRS tax extension?

Q&A: My 6 month extension on my personal taxes is due on 10/15. Help!

Q&A: What if I missed the IRS tax extension deadline?

Q&A: What if I can’t file my personal taxes by my IRS tax extension deadline?

Q&A: Can I file a second IRS tax deadline extension for my personal taxes?

Q&A: How to file an individual income tax extension with the IRS

Personal tax returns are due on April 15th, but with an extension, the deadline is extended until October 15th. If you have not filed taxes by the traditional April 15th deadline, there is a late filing penalty on 5% of what you owe, which is added to your tax balance each month you do not file taxes. Additional taxes and fees are also added if you do not file taxes on time.

However, if you know you will not be able to file your taxes on time, there is some relief. You can file an individual income tax extension that provides you with an additional 6 months to pay. You do not have to provide the IRS with a reason for your tax extension, you simply have to request one by the tax extension request deadline of April 15th.

In order to file a tax extension, you will need to fill out a Form 4868, available on the IRS website. This form can be submitted electronically or by mail, but it must be postmarked by the original tax deadline of April 15th or sent electronically by midnight.

After you’ve filled out the Form 4868, your tax deadline is now October 15th. However, filing a tax extension does not give you extra time to pay your taxes–it only provides you with time to calculate and file your income tax forms. Even with an extension, your tax payment is still due on April 15th, and needs to be submitted with your Form 4868. If you do not pay 90% of your tax payment by April 15th, you will incur late fees and penalty charges from the IRS.

If you filed an individual income tax extension this year and need help preparing your taxes, Vyde can help.

Other posts that might interest you:

6 Reasons Why Filing a Tax Extension with the IRS is a Good Decision

Top 10 Things You Should Do If You File a Personal Tax Extension

Q&A: Do I need to request a state tax extension if I filed an IRS tax extension?

Q&A: My 6 month extension on my personal taxes is due on 10/15. Help!

Q&A: What if I missed the IRS tax extension deadline?

Q&A: What if I can’t file my personal taxes by my IRS tax extension deadline?

Q&A: Can I file a second IRS tax deadline extension for my personal taxes?

Q&A: Can I file a second IRS tax deadline extension for my corporate business taxes?

If you filed a tax deadline extension this year for your corporate business taxes, your tax deadline moved to October 15th. Now that the second tax deadline is approaching, you may be wondering if you can file a second IRS tax extension. The simple answer to this question is no.

There is a lot of confusion regarding second tax extensions. The IRS used to offer what they called a “second extension.” The second-extension granted businesses an additional two months to file their taxes. However, the original IRS tax deadline extension only granted a four-month extension.

Now, the IRS offers a one-time tax extension of six months. Which means, there is no longer a second tax extension. Now, when a corporate business files for a tax extension they get one six-month extension, rather than two shorter extensions.

If you filed a business tax deadline extension with the IRS this year and are worried about the upcoming October deadline, Vyde with their virtual bookkeepers can help you gather and file your tax documents before the deadline.

Resources

Category: Business Taxes

12 Creative, Tax Deductible Ways to Promote Your Small Business This Holiday Season

5 Steps to Open a Business Bank Account

How to Calculate Self-Employment Taxes for Real Estate Professionals & Agents

Here’s what you need to know:

Effective Ways: How To Get Out of a Real Estate Partnership

Here are a few possibilities to consider when developing an exit strategy with your real estate business partner.

Why you absolutely need an exit strategy for your real estate partnership.

Other posts that might interest you:

How Much Should I Set Aside for Taxes as a Real Estate Agent? For Realtors, Real Estate Brokers, and Property Managers

How Much Should I Set Aside for Taxes as a Real Estate Agent? For Realtors, Real Estate Brokers, and Property Managers

How to quickly calculate your estimated quarterly tax payment as a realtor, broker or property manager:

Other posts that might interest you:

Interested in Learning More?

Top 4 Tips on Tracking Mileage and Deducting Vehicle Expenses as a Real Estate Agent

Tips on Tracking Mileage and Deducting Vehicle Expenses as a Real Estate Agent

What You Can and Cannot Deduct For Advertising Your Real Estate Business

Basic Tax Deductible Expenses for Small Businesses and Real Estate Agents

Tax Deductible GoodWill Advertising Ideas

Tax Deductible Promotional Giveaway Items

Q&A: Personal and Corporate Business Tax Extensions

Corporate Business Tax Extensions

Personal Tax Extensions

Q&A: How to file an individual income tax extension with the IRS

Q&A: Can I file a second IRS tax deadline extension for my corporate business taxes?

Other posts that might interest you:

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