Many times people wait until the last minute in doing tax preparation. That is why I’m asking the question are you ready for the January 31st deadline. This is something that should be done all year around. You should have systems in place to take care of book keeping items. If you are a small business owner with employees or independent contractors, January 31 is an important tax deadline you cannot afford to ignore.
The end of January is the due date for several payroll-related tax forms and tax payments. Before reviewing them, here’s some good news. The government will give you a break in the event a federal tax deadline falls on a Saturday, Sunday or legal holiday, they will move the due date to the next business day.
Since January 31, 2011 is a Monday it does not come into play. Also keep in mind that to comply with any federal tax deadline, your mailing must be postmarked on or before the due date. This means if you wait until the last minute you could have a problem.
So the key is to put systems in place now so that you are not scrambling at the end of the year. It may be wise to hire a professional to take care of these things for you. Either way you have to get it done.
By Sharon Denise Talbot: www.sharondenisetalbot.com