Small Businesses Avoid Tax Penalties and Stay Updated with Tax Changes
- Wednesday, 11 February 2015 16:53
If you own your own business or rental property, should you be doing your own taxes? Maybe not this year.
Not only are there depreciation changes you as a business owner and/or rental property owner need to be aware of, but there are also additional forms that need to be completed and sent in.
As crazy as this sounds, the IRS is changing the depreciation rules and they are also requesting you send in a Form 3115 (Application for Change in Accounting Method)Â requesting their permission to change to the new rules!
It may sound redundant, but this still needs to be done.
Also, you not only have to file the Form 3115 with your tax return; you may also have to send one in prior to the filing of your tax return.
Not filing Form 3115 could open you up toÂ audit, cause loss of depreciation deductions, and cost a user fee of $750+
Â for the form later.
Therefore, if you normally file your taxes yourself; it would be highly beneficial to seek the guidance of a tax professional this year.
For more detailed information on the tax changes and how to manage depreciation for your business, give North Georgia Accounting Consultants, Inc. a call at 770-888-7700 orÂ emailÂ us
Don’t forget the filing deadline for corporations is March 15, 2015!