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Don't forget tax filings that can generate quick cash for your business or lower your future cash outflow.
- Overpayment of taxes: If you overpaid your 2006 estimated taxes, you don't have to wait until you actually file your tax return for a refund. Have your accountant file IRS Form 4466 to claim the refund.
- Carry-back losses: If you had a loss for 2006, you can carry back that loss against the taxes you paid the prior two years and get a refund. Use Form 1139.
- Reduce estimated taxes: You can defer payments of 2007 estimated taxes by filing Form 1138. This form is used when you anticipate a loss in your current tax year and expect to carry back that loss to a preceding year.
If any of these options apply to you, call your accountant to recalculate your company's tax bills for both 2006 and 2007.
This article originally appeared in The Business Owner Journal, the periodical of choice for owners of small and midsize private businesses. All rights reserved, D.L. Perkins LLC. © 2010.
This publication is intended to provide general information on the subject matters covered. It is sold and distributed with the understanding that neither the publisher nor any distributor or advertiser is engaged in providing legal, tax, insurance, investment or other professional advice. The advice of a qualified professional should be sought before any reader applies a concept presented herein to his or her particular situation or business.
D.L. Perkins, LLC is solely responsible for this content.
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