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Small Business Taxes: Are You Ready For The March 15 Deadline?
If your small business is a corporation, March 15 is the most critical tax return deadline of the year - even more important than April 15. Find out why in this article. First, some good news. The March 15 deadline is actually March 16. Go ahead and breathe a big sigh of relief, now that you know you have an extra 24 hours to get your act together. Here's why: Whenever a federal tax deadline falls on a Saturday, Sunday or federal holiday, the deadline is automatically moved to the next business day. Since March 15 is a Sunday, the deadline is changed to Monday March 16. Second, more good news. Keep in mind that to comply with the March 16 deadline, the appropriate tax forms discussed below must be postmarked on or before that date. To file on time does not mean that the IRS must receive the return on or before that date. Now let's move on to discuss what you must do by March 16. If your business is a corporation, whether a regular C corporation or an S corporation, March 16 is the deadline for filing your corporate income tax return. C corporations file Form 1120; S corporations file Form 1120S. If you are unable to file your corporate income tax return by March 16, do not despair. You can obtain an automatic, "no questions asked" extension by filing Form 7004 on or before March 16. Form 7004 works for either C corporations or S corporations. It is also one of the easiest tax forms to complete and does not require a signature. By filing Form 7004 you are given an additional six months to file the corporate income tax return. The March 16 deadline has been magically changed to September 15. Now you can do the return in the lazy hazy days of summer, if you like. If you go the extension route, here are some words of caution. Don't forget that filing an extension only extends the time to file the return. It is not an extension of time to pay any tax due on the return. For S corporations, this is usually not a problem, because S corporations typically don't pay any corporate income tax. But for C corporations, if you have a balance due on the return and wait until September 15 to pay it, you will be charged late payment penalties and interest. So if you own a C corporation, do enough calculating to determine whether you will owe tax and make a payment if necessary by March 16. For S corporations, also remember that you really need to prepare Form 1120S before you can properly prepare your personal income tax return. So don't file Form 7004 and then file your personal return before doing the corporate return. As part of the corporate return, S corporations give each shareholder a Schedule K-1, which reports your share of the corporation's profit or loss. That K-1 information must be transferred to your Form 1040. So if you file an extension for Form 1120S, you will also need to file an extension for your Form 1040, unless you happen to get the corporate return done by April 15.
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Real Estate Internet Marketing Strategy: Free Real Estate Leads With Video Marketing
Lead generation is one of the biggest challenges real estate agents face in today's extremely competitive market. While most agents have a website, many don't know how to drive targeted traffic to it. Especially, how to do this all for free. Here is just one of the many things you can do to get potential buyers and sellers to visit your site.
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Complete Fixer Upper Tips for a Ten Day Rehab
If you want to get through fixing up a property in ten days or less, there are many things you should be on the lookout for before entering into any contract. Stay away from repairs that cost money and time. You want to stay in the relm of "cosmetic repairs only!
Banking

All About the Bank Bail Out - Part 3

Banks and other financial institution were not the only entities to suffer from the credit crunch. As borrowed funds became more difficult for other large and small businesses to obtain, the suffering spread. Almost every business in the world relies on at least one form of credit to survive - whether it be credit to purchase inventory or a working capital account - but the level of credit available to businesses shrunk drastically over a short span of time. The result was that businesses which otherwise were profitable and were trading well were going to the wall solely because they could not raise the appropriate credit to continue operating. Companies as small as a local shop and as large as the bug three automakers in the United States were all of a sudden in serious trouble. As banks were unable to lend them the money they required to continue their business as usual, they began to declare bankruptcy at record rates. While it may seem unfair, this chaos was effectively caused by the sub-prime mortgage crisis. As it was mortgages that ruined the lenders' abilities to lend money in any capacity it can be concluded that all the drama in the humble home loan market had a knock on effect of causing major problems in seemingly unrelated industries all over the world. The banks' willingness to issue mortgages to borrowers that were unable to replay certainly had far reaching effects. In addition to having an effect on unrelated industries, the sub-prime mortgage crisis also affected industries related to it. This includes the real estate and property development industries. As the credit crunch began to make headlines in late 2007 the composition of high streets underwent dramatic changes. Real estate agencies began to close at a rapid rate as fewer homes were offered up for sale. The real estate industry was booming before the credit crunch and had spent several years growing at a record rate. Property prices seemed to increase exponentially each year and estate agents were reaping the rewards. However within months of the reality of the credit crunch setting in to the economy, estate agents were shutting up shop at an alarming rate. Now, almost two years on, high streets are littered with vacant shops from where real estate agents once operated. Similarly, property developers felt the brunt of the mortgage crisis almost immediately. Developments that had properties selling like hot cakes were suddenly unable to shift finished plots and suffered heavily. The same developers were also hit with the problem that finance companies were unwilling to lend them the money they required to complete construction on their developments. This one-two-punch sent many property developers to the wall and created virtual ghost towns of half finished properties. Plans for future developments were put on the crap heap as the entire industry was forced to rationalise their resources almost over night. With the new build property market in decline the focus then turned to resale properties. As the average price of residential property declines fewer people were willing to put their home on the market for sale. As we have already seen, this greatly affected estate agents, many of which who subsequently went out of business. But more importantly the decline of the resale property market has meant that people have put their lives on hold in order to stay in their homes and save themselves from losing money by selling up and moving house.


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