Don't Mess With Taxes

If your business is incorporated, then you probably already know that your tax-filing deadline is looming.

As my special countdown clock there in the left column -- No, not that April 17 one. Keep scrolling to just under the blurb about the IRS' small business tax calendar. Oh, all right. I've plugged it in this post, too. (UPDATE, March 16, since deadline has passed, countdown clock in left nav bar and here is gone.) -- shows, March 15 is the due date for these business filings.

I file as a sole proprietor. So my Schedule C gets attached to my personal Form 1040 in April. OK, more like in October most years. Point is, strict corporate taxes are not in my tax wheelhouse.

So I'm referring all you strict business taxpayers facing Thursday's deadline to some business tax specific resources.

Jean Murray, who pens About.com's US Business Law/Taxs blog has put together a Corporate Income Tax Guide. It covers corporate tax forms, rates and filing information and has lots and lots of links. Thanks to Jean's colleague William Perez for tipping me to this great business tax collection.

Barbara Weltman, tax and business attorney and author of the annual J.K. Lasser’s Tax Deductions for Small Business, has good general business tax info, as well as things to consider if you're freaking out because you can't pay your tax bill.

The IRS also wants to reminder business filers about the small business health care tax credit.

This business credit was part of the Affordable Care Act enacted two years ago. Small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible to claim it.

For tax years 2010 through 2013, the maximum credit for small business employers is 35 percent.

Corporate filers finishing up your due-this-week returns can figure the health care tax credit on Form 8941 and claim it as part of the general business credit on Form 3800, both of which you send in with your corporate returns.

And here's something for all business (and personal) taxpayers to think about from Joe Kristan, an Iowa CPA and author of the Tax Update Blog: The real issue is whether you can back up your return when the IRS comes calling, whatever return you file.

Yes, Joe's item was part of Monday's Tax Carnival, but I felt it worth reposting here in a  business context.

I hope this helps a bit, and that this week isn't too terrible for all y'all corporate taxpayers.

You also might find these items of interest:

• Profit motive is critical to sustain business tax deduction claims
• Business mileage records and other Schedule C deductions
• Wyoming has best business tax climate