Although it is September and not April, it's income tax season for some people, especially small business owners, who got an extension until October 15 to file their returns. There is a choice: Start now and do the returns in an orderly fashion, or experience last minute panic. We at PRO-TAX fully understand that your main task is to run your business – and that also may be the reason why you have not yet filed your return after the extension.

Our PRO-TAX professionals are here to help you unravel the possibly confused state of your books and help you file on time. Maybe the tax forms keep getting set aside because of other pressing matters. Is there ever enough time to do it all?

We are sure that many who filed for an extension thought they’d have everything together long before six months. Now it's late September and the due date is just around the corner.

Don't make the same error as other small business owners by thinking that you can just not file. That would be a mistake. The internal Revenue Service will assign a late filing penalty, in addition to penalties and interest on the tax you owe. The IRS says, "Failure to file a return or filing late can be costly. If taxes are owed, a delay in filing may result in penalty and interest charges that could increase your tax bill by 25 percent or more."

If it turns out that you may not have the money to pay the IRS now you should go ahead and file the return by October 17 to avoid the non-filing penalty.  The IRS recognizes that not everyone can pay right away.  It usually is willing to set up installment payment plans.

Our PRO-TAX professionals can help you apply for a payment plan and help you fill out an Installment Agreement Request. As always, PRO-TAX is here to help!