How To Avoid Late Filing Returns For Your Business
Being late in life can cost you time, money, your reputation, your dream job, and so much more. The penalty for filing taxes late for your business can also be detrimental and quite costly.
We want you to avoid this nightmare and will enlighten you on how to avoid late filing returns for your business.
Business owners and employers should be aware of the important e-filing deadline barrelling around the corner and avoid any penalty for filing taxes late. TaxBandits has your back when it comes to IRS compliance!
How To Avoid Late Filing Returns For Your Business
What Form is Due on the April 2nd Tax Filing Deadline?
Next week marks a new month AND a new tax filing deadline. There are two sets of tax forms due on Monday, April 2, 2018.
1099 Form Series and ACA Forms must be filed by employers next week to keep “Uncle Sam” away and avoid any penalties for filing late. TaxBandits is here to help you grow your business and achieve success in every area possible; especially tax filing.
Avoid Late Filing Your 1099 Form & ACA Returns
At TaxBandits, we understand that time is of the essence as a business owner and entrepreneur. For this reason, we provide a simplified filing process for Forms 1095-B, 1095-C, and 1099-MISC to avoid a penalty for filing taxes late.
Steps to File ACA Forms (Form 1095-B & 1095-C)
- Create or sign in to your TaxBandits account
- Select “Form 1095-B” or “Form 1095-C”
- Add employer/insurer information
- Enter individual and benefit information
- Add covered individuals information
- Pay and transmit to the IRS
Steps to File Form 1099-MISC
- Create or sign in to your TaxBandits account
- Select “Form 1099-MISC”
- Enter payer details (name, EIN, address)
- Add recipient details (name, SSN/EIN, address)
- Enter federal details for miscellaneous income
- Enter state information and state taxes withheld for each applicable state
- Choose for the form to be mailed to the recipient
- Review, pay and transmit return directly to the IRS
Penalty For Filing Taxes Late
I’ll go ahead and forewarn you; you may want to brace yourself. If you thought about missing the April 2nd tax filing deadline, you would think again in a few seconds.
Failing to file Form 1099-MISC by the tax filing deadline can result in an organization receiving a penalty for filing taxes late that ranges from $30 to $1,500,000.
When it comes to ACA Forms (1095-B and 1095-C), employers can face penalties of up to $260 per form with a total penalty that will not exceed $3,193,000 for the tax year.
TaxBandits To The Rescue!
Take a deep breath and relax. TaxBandits is here to calm your fears and save you time.
There are two ways you can meet the April 2nd tax filing deadline–quickly file either form with TaxBandits or apply for an extension of time to file to receive extra time to complete your forms.
Extension Form 8809
If you have a busy weekend ahead and need more time to file correctly, just apply for an automatic 30-day extension of time to file by completing Form 8809 by the Monday, April 2nd tax filing deadline. This extension can be filed directly from your free TaxBandits account.
File Your Business Tax Extension Today
Whether it’s a required tax form, deadline, or extension, TaxBandits is here to help you take back your time with efficient e-filing for small businesses and nonprofits.
Get started today with TaxBandits, the online tax filing software you can trust! Sign-up today.
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