Business.com |
- 10 Ways to Cut Costs in the Fixed Assets Lifecycle
- 8 SEO Trends to Boost Your Business in 2020
- The Biggest Trends in Employee Training
- 4 Tips for Getting Your First 1,000 YouTube Subscribers
- Form 7004: Business Tax Extensions Explained
| 10 Ways to Cut Costs in the Fixed Assets Lifecycle Posted: 05 Mar 2020 04:29 PM PST  In today's highly competitive business environment, proper management of fixed assets is essential for any business. Fixed asset management includes keeping track of the location, maintenance, and lifecycle of fixed assets before this information goes further for insurance value reporting and tax preparation purposes. The entire process is vital for the optimal financial health of the business. But while heading toward growth, many businesses find it difficult to maintain a clear log and report on the fixed assets they own, which often leads to paying higher insurance premiums and more taxes. That is the reason why both fixed asset depreciation and management are a big challenge. Challenges in managing fixed assetsThere might be more challenges when an organization attempts to restrategize fixed asset management. Organizations usually experience a shortage of spreadsheets while trying to gather accurate data in one central place. This problem is more often seen in organizations that have corporate branches in multiple locations. These are some common challenges in managing fixed assets:
What makes an organization consider fixed asset management solutions?Numerous business aspects make an organization redirect its resources' concentration on solutions focusing on proper fixed asset management. These include the abundance of data, increased data complexity, maintaining data stability and security, and completely utilizing skillful resources. In fact, 45% of companies use a fixed asset management solution to handle the increased complexity and volume of data. Making use of appropriate tools is vital for accurate accountability of each asset. Moreover, thoroughly understanding risk factors associated with each asset's lifecycle is helpful to identify cost-saving opportunities, whereas not having sufficient information about your business's fixed assets can cost you a lot. Here are 10 ways to cut costs in the fixed assets lifecycle. 1. Accurately register and track all fixed assets.Businesses managing a large number of their assets need to revamp their processes that track fixed assets to keep the assets productive and safe for long. Maintaining (and updating) asset information by maintaining records of their purchase date and time and tracking their location, usage, maintenance, and insurance can help you make keep them efficiently productive throughout their lifecycle. 2. Consider investing in fixed asset tracking software.You might be currently using spreadsheets to manage your business's fixed assets. However, it's easier and better to invest in fixed asset tracking software, as it can smartly handle all your fixed asset management processes. Software for fixed asset management can provide you more visibility into your company's assets, allowing you to minimize the total cost ownership you pay. It is also helpful in streamlining financial workflows. 3. Create a complete fixed asset inventory.It would not be difficult to create and maintain an entire inventory of your company's fixed assets. For example, using barcode readers can help you manage the inventory and reconcile all the records in a central location, even if your business has multiple offices in different areas. Having a complete, centralized inventory can eliminate the risks of duplicate data entry, reduce the time taken for reconciling records, and save your staff time and effort. 4. Calculate tax and GAAP depreciation.Inefficiently performing numerous depreciation methods and crunching numbers for multiple types of fixed assets can become costly as well as time-consuming. You may consider modern solutions such as TurboTax, H&R Block, Ultra Tax and ATX that automatically update with tax changes. Such applications can improve accuracy, free up your human resources that you can redeploy to other important business aspects, and eliminate particular bottlenecks responsible for low productivity. Also, with accurate information, you will be able to stop accounting for assets that are no longer in use and paying insurance costs and taxes for the same. 5. Analyze KPIs.It is recommended to analyze equipment breakdown data, costs of maintenance, equipment downtime, and work order backlog frequently to keep track of your fixed assets' performance. Some software applications allow you to quickly evaluate KPIs and find ways to lower costs you spend on fixed assets. 6. Find smart ways to manage fixed assets.Once you start maintaining a complete and organized inventory of the fixed assets you own, you will be able to use applicable depreciation methods for each asset and figure out ways to best manage their lifecycle from the first stage (acquisition) to the last stage (disposal). Here, a good asset tracking software application plays a vital role, assisting you with everything, such as depreciation calculation and allocation of funds to monthly and year-end financials. Moreover, it can store insurance-related documents, images, warranty cards, expiry dates, etc., allowing you access to information of all your assets at a single point of reference. 7. Account for transfers, retirements and disposals.Ghost and zombie assets are a big reason you are spending more on your fixed asset management, and at the same time, identifying them can make your way to cut costs. Assets that are accounted on the books but aren't physically present anywhere in your company are ghost assets; 15-30% of fixed assets are usually ghost assets. On the contrary, assets that can physically be located but don't have any records on the books are zombie assets. If you are not closely monitoring and regularly analyzing your fixed assets' lifecycle, you might be paying thousands of dollars for assets that don't exist. With a reliable asset management system, you can quickly transfer, retire and dispose of assets. Bookkeeping also plays a vital role in asset management, and to prevent errors/mistakes (that lead to having ghost and zombie assets), many companies choose to outsource bookkeeping services. This also helps them improve efficiency in accounting operations. 8. Periodically conduct physical asset verification.It would be easier for you to achieve an optimal level of management if you periodically conduct physical asset verification to ensure they literally exist. It will require the reconciliation of physically existing assets with asset records in accounting books. If exceptions are identified, yes, they should be reported further to take needed action. You can simply match, scan, and attach associated invoices to asset records. This way, your company will have accurate information on the assessments of the assets, helping you be aware of where your assets are, in what condition, and if they are being used efficiently or not. 9. Keep your business compliant with the latest federal tax rules.Undoubtedly, you want to stay compliant with the latest tax rules to avoid penalties. One Aberdeen study shows that 35% of fixed asset management software users consider compliance with the latest regulations a vital factor in minimizing risks. Moreover, a fixed asset management application can cast light on tax breaks and credits, leading to your company's benefit. 10. Manage and monitor asset status.As your business grows with time, you acquire more assets; thus, it will become essential to have a more robust system to simplify fixed asset management. Doing this can provide you with more insights into your fixed assets, reducing their total cost of ownership while streamlining operational as well as financial workflows. New product intelligence is a great way to manage fixed assets with ease. Fixed asset management can become complicated for many business owners, as it requires following numerous rules and regulations, depreciation methods, and the assets being used in different locations makes the entire process even more complicated. However, there's always a better way – fixed asset tracking or management software can help you save costs and improve the productivity of your company. It is recommended to use software to simplify tracking and depreciating fixed assets, making it a valuable aspect of your company that strives for growth. |
| 8 SEO Trends to Boost Your Business in 2020 Posted: 05 Mar 2020 03:58 PM PST  Optimizing websites for search engines, mainly Google, has always been a combination of science and art, what with all the Google algorithm updates and technological advances made available to internet users around the world. Gone are the days of simply stuffing keywords into content to rank on the SERPs. Today, search engines want you to EAT – that is, show your expertise, authority and trustworthiness. This is why you need to develop your brand voice and connect with your users on a professional and personal level. Here are eight trends you can take advantage of to beat the competition in organic search and enhance your online presence. 1. Voice searchAlthough voice search has existed since 2012, it has failed to gain traction, mostly because current technological capabilities always seem to fall short of expectations. The rise of voice control on mobile and dedicated virtual assistants in recent years, however, has proven that available technology is ripe with promise in 2020. In 2016, Gartner predicted a rise of 30% in searches done without a screen by 2020, and this prediction may be about right. Voicebot's more recent survey from July 2019 showed that "nearly 60% of U.S. adults say they have used voice search and 47% expect to increase usage this year." The survey also found that 33% of adult web users use voice search every month. At any rate, you would be remiss if you ignored the power of voice search and didn't optimize for it – and it's easier than you might think. The key here is making everything a conversation. There are three main strategies for voice search:
2. Featured snippetsOne of the goals of optimizing your website for search, aside from generating web traffic, is getting the top spot on the SERPs. However, a study by Ahrefs shows that even the top results are not safe from the power of the featured snippet. In fact, featured snippets take away clicks from even the No. 1 page result because they are enough for most searchers. There are several ways you can improve your content ranking, but to be chosen as a featured snippet, you need to know what the users want and give it to them. Here are a few methods you can employ:
3. Visual image searchImage optimization has always been part of a sound SEO strategy, and Google has always advocated for it. The tech giant has made changes to how users search using images on desktop, and you should be taking advantage of this feature. Images are integral to online searches, even showing up on the SERPs. When your images are featured on the SERP, it's like being a visual featured snippet.
4. Google My BusinessThis may seem unnecessary once you feel you've made your presence online. However, Google My Business will make your details immediately available to potential customers while also making your business more reputable online. Studies show that 88% of consumers who make local business searches on a mobile device either call or visit the business within 24 hours. Claiming your company on Google My Business makes it easy for customers to find you online or offline. Here's how you can claim your business and get it verified by Google My Business:
5. Editorial calendarsEditorial calendars, or content calendars, are important for every business, because they help you plan out your content instead of just publishing whatever comes to mind. Planning your content is vital to strategize and optimize your website for the search engines. An editorial calendar allows you to flesh out topic ideas, publish content consistently, identify gaps in your content, better collaborate with your social media team and balance out your content topics. Here are a few tips to make your editorial calendar work for you (and your users):
6. Native content in social sharesSharing your content on social media used to be enough to draw traffic to your website. These days, Facebook's and most other social networks' algorithms don't play nice with posts that take users away from their platform (e.g., to your website). Social media platforms want users to stay on them as long as possible, and external links are a hindrance to this objective. For this reason, most social media posts with links to external content are buried in the feeds and forgotten, if seen at all. Social media is not a lost cause in content marketing, though. There is one way to ensure that your target audience sees your content on their social media feeds: Add native content to your social media posts. The next time you post on social media, don't just put the title of your post and a link to it. Add a bit of native content, like a summary of what's discussed in your article or some compelling data points. This provides value through original content and engagement, which works for both you and the social media platforms. 7. Refreshes of old contentPublishing a post is not the last step in content marketing, and it's bad practice to forget about content once it's live. If you find content with constantly dropping traffic, it may be time to update and relaunch that post. You have two options for relaunching old content: You can revamp it and present it as brand-new content, or you can quietly update it with new information. Whichever method you choose, you can boost traffic to older content because you now know better. You can add new information as it becomes available or take a different approach to the topic now that you know what doesn't work. 8. Spoken wordPodcasts are an oft-overlooked aspect of content marketing, but this is an excellent medium for those who are always on the go. Imagine if users could digest your content while running, driving, or lying in bed before they doze off for the night. This is where podcasts show the greatest potential. It's not enough to just start a podcast, though; you need to make it available to your target audience. There are a few methods to make that happen:
These are just a few of the things that should be on your radar if you want to boost your business's online presence. These tactics will not only get your brand name out there, but also help your customers come to you. Make it a habit to revisit your SEO strategies periodically and make small tweaks whenever new information is available. Adaptability is key to stay afloat in the ever-changing SEO landscape. |
| The Biggest Trends in Employee Training Posted: 05 Mar 2020 12:18 PM PST  Among employees, corporate training is not exactly known for being fun or terribly effective. But the past several years have seen an explosion of new approaches – some low-tech ones, some high-tech ones. Which of these approaches are supported by the science of learning? We round up the latest approaches, along with thoughts about when and why each approach might or might not promote effective learning. 1. Micro-learningMicro-learning is about delivering learning experiences in short bursts, distributed across extended periods of time and potentially across several different platforms. An employee might begin a lesson on the subway during their commute, continue it during the workday and finish it a week later. A large body of research literature suggests that micro-learning approaches are effective at imparting information and teaching skills. This approach distributes learning across many sessions, leading to better memory of the material. Retrieval practice (giving employees short, frequent tests on the material they're learning) is a particularly effective and underused teaching technique. There are also some advantages from the development side: Bite-size learning modules can make it easier to alter and extend the existing training program. The main disadvantage of this approach is that it might not be the right fit for certain kinds of skills. Imagine wanting to train employees on how to use a new machine – at some point, they need to practice actually using the machine. This kind of training can also be a bit solitary. There are ways of incorporating social interaction, but the typical use case is an individual learner moving through the training material on their own. [Read related article: How to Encourage Employees to Pursue Professional Development] Axonify is one example of a platform that takes this approach. 2. Virtual realityThere are several advantages of using VR. It's cutting-edge. People find it compelling. And it's getting cheaper. The main use case of the VR learning approach is teaching people a complex physical skill that would otherwise be expensive or dangerous to practice. It's especially appropriate in environments with complex visuals and physical interaction – think flight simulations and surgery. VR is probably not appropriate for learning concepts and basic information. VR tends to lead to longer, less frequent training sessions (the opposite of micro-learning). Your employees can't strap on a VR headset on the subway during their commute, but they could spend 5-10 minutes on their phones. There's also some research that suggests low-tech approaches can be equally or more effective at teaching concepts and imparting basic information. It's not always cost-effective, either. Flying planes is expensive; performing surgery is rare. So in these cases, VR is really helpful. But in many cases, it might be cheaper and more effective to have employees perform the actual skill in real life. Although there are likely off-the-shelf VR solutions for certain kinds of training, creating a custom VR program can be expensive. 3. SimulationsSimulations present problem situations for employees to work through – usually in a team. For example, a team of employees tries to manage a growing food truck business, with the goal of learning how to make dynamic business decisions. After the simulation, there are debriefing sessions with experts who talk to employees about what went right, what went wrong, how to improve and what the main takeaways should be. There are two main ways to use simulations for teaching:
There are several advantages to the simulation approach. Many companies are concerned with developing soft skills, like critical thinking and cooperation. Simulations are ideal for teaching these skills. Most experiences with simulations also form narratives that can be particularly memorable. Simulations can incorporate various technologies, such as interactive visualizations and augmented reality. But they can be low-tech too – think board games. It's vital for employees to have the debrief with an expert, which should elicit employee observations before making general points about the exercise. Several research studies point to the effectiveness of "telling" (or direct instruction) after meaningful experiences. The experience of the simulation alone, without the debrief, may create misconceptions. Simulations are probably not the best way of imparting detailed information to employees. Most employees will walk away from the experience with an intuitive understanding of some of the main concepts involved – in other words, they'll get the gist – but if it's fine knowledge of details you want them to learn, it might be more effective to combine micro-learning with simulations. A couple examples of companies that develop simulation-based training are Forio and Simulation Studios. 4. Other trendsMost companies have diverse training needs, so blended training approaches are becoming more common. You might imagine integrating all three of the approaches above to create a comprehensive training regime. For instance, you could use specialized VR experiences for a handful of complex physical skills, simulations to develop decision-making and social skills, and micro-learning to refresh important information. As another example, the micro-learning modules themselves might contain short simulations for employees to practice their skills. In addition to the three approaches above, there are several trends that you can incorporate into almost any training approach. Social interactionThis dovetails with the current corporate interest in developing soft skills. It could be small doses of interaction through a social media platform over long time periods (as with some forms of micro-learning). It could be in real time with peers and experts through a virtual classroom that mimics a more traditional classroom setting. It could be with a small team through a simulation (as in a problem-based learning approach). Real-time social interaction in VR has been developed for games, but we suspect it's not yet ready for the corporate training environment. You can also use social media platforms to prepare employees before training, interact with them during training, and provide continued support after training. Yammer, for example, is an internal social media platform that could support this approach. GamificationGamification has been around for a while now, but it continues to be popular among corporate training and employee compliance programs. Gamification is about incorporating basic reward systems throughout the training, typically points, badges and leaderboards. The goal is to make training sessions more fun and to motivate people to complete training tasks. Gamification can be incorporated with almost any training approach – even grades are a form of gamification. However, gamification can be difficult to get right. It only works to the extent that employees care about the points, badges or other rewards on offer. The focus on external rewards can also take away from the employees' motivation to deeply learn the material. It can be a nice nudge to help employees stay on track, though. TalentLMS incorporates gamification into its training programs. An alternative conception of gamification is to provide the "players" with storylines to follow and decisions to make. This aligns closely with the simulation approach. Adaptive learningAdaptive learning leverages AI to create models of what the employees know and tailor instruction to meet their needs. An understanding of the learner's current knowledge and skill level makes instruction more efficient. This is a natural fit with a micro-learning approach and can potentially fit a simulation-based approach as well. Given the expense of creating custom VR scenarios, adaptive learning may have an advantage over a VR-based approach. AssessmentThe traditional way of assessing employee training programs is through short quizzes at the end of blocked training sessions or by simply verifying that the employees completed the training modules. The recent trend is toward formative assessment – evaluations of employee skill during the learning process, which provides important feedback to the employees about their performance. As the science of learning shows, this kind of feedback is vital for learners to improve over time. Unboxed Technology is one company that emphasizes formative assessment and adaptive learning. Multi-platform accessIncreasingly, corporate training solutions are offered across multiple platforms (e.g., phones, tablets and computers; Apple, Android and Windows products). Again, VR is a little more specialized and won't necessarily work across platforms. Augmented realityAnother trend to keep an eye on is employees using mobile phones for augmented reality experiences. Basically, when the phone is in a certain location, the phone's camera will display an overlay with extra information. This approach was used in the popular Pokemon Go game and has been used in museum experiences. In some cases, it's similar to a scavenger hunt. An employee might trigger a lesson by being in a relevant location and have to use the information they see on their phone to perform a learning task. You might also use AR in a simulation-based approach as a group of employees collectively integrates information and makes further decisions. Did we miss anything? If you're experimenting with new corporate training methods, we'd love to hear about it in the comments. |
| 4 Tips for Getting Your First 1,000 YouTube Subscribers Posted: 05 Mar 2020 06:00 AM PST 
Did you recently start your first YouTube channel? It doesn't matter if you're a business owner looking to promote your brand or a popular video game streamer trying to make a living, a lack of subscribers can stop you from reaching your full potential. Many people consider getting their first 1,000 subscribers the hardest part of growing a channel. It's not easy to keep posting videos when you see engagement falling and red dashes on your YouTube analytics profile. But getting past this first hurdle is entirely possible if you're willing to commit to your channel. When you consider that 1 billion hours of YouTube gets streamed every day, it's clear there's room for small channels to grow. If you're having trouble getting people to subscribe to your channel, you're in luck. We are going to take a look at four tips you can use to get your first 1,000 YouTube subscribers. 1. Stay consistentLike many things in life, consistency is the key to success. If you have a small subscriber base, they are likely just getting familiar with you and your content. Channel trailers are a great way to set the pace for your audience. For example, if you plan on creating content for freelance writers, address the kind of advice and videos you'll be posting in your profile trailer. Now, if a writer finds your channel, they can watch the trailer and see that you create videos about various job boards for freelancers. You've likely just earned another subscriber. You should list your content schedule somewhere clearly visible on your profile. When people start finding your channel and investing in your brand, there's a good chance they will continue to come back if you consistently follow your schedule. Imagine if you had a friend that wanted to go out to lunch. They flaked on you the past six times, and now they are calling and saying, "This time, for sure!" Your reaction would vary based on your relationship with your friend, but you would probably feel frustrated. What we just described is how subscribers feel when a content creator disregards their own content schedule. There's nothing wrong with making changes, but address the issue with your subscribers in a short video or post. Consistency and transparency will help you build rapport with visitors, which could encourage them to become subscribers. 2. Focus on searchabilityYouTube is the second most viewed website of all time. The only site that gets more traffic is, you guessed it, Google. It's no coincidence that an excellent SEO strategy can help you get more website traffic and subscribers to your YouTube channel. Specifically, we are talking about optimizing your YouTube SEO so more people can find your channel. The first thing you'll want to do here is keyword research for your channel. If you already have your keywords, great! If not, you can use YouTube's search function to see what people are talking about when you type in the keywords you want to use. You can also include tags to make your requests more niche-specific. We also recommend that you use tools like Google Search Console to check the search volume and competition for your keywords. The goal is to find words that have a medium to high search volume and a low to medium competition. Don't forget to fill out your channel profile and include your keywords naturally throughout the page and content. Try to add subtitles on your videos so the algorithm can quickly and easily categorize your video based on the words in the transcript. The more relevant your keywords are to the rest of the content, the better chance you have at rising through the ranks. Your new increased visibility will bring in new people, some of which will subscribe to your channel. 3. Make your content interactiveWhen you create content for your channel, do you have an interactive call to action (CTA) at the end? In many cases, encouraging visitors to interact with your brand will prompt many of them to take action. Depending on your goals, there are several ways you can encourage engagement. Start by simply asking people to subscribe to your channel at the start or end of your video. Let them know that it means a lot to you and every like, share, and subscription counts. Throughout your content, you may want to include other CTAs. For instance, if you're hosting a contest, you are going to want to tell visitors to subscribe to your channel and leave a comment for a chance to enter. If you want to see your channel explode, encourage them to share your video on social media for an additional entry. This kind of organic sharing sends positive signals to both Google and YouTube's algorithm, which improves your visibility – not to mention all of the friends of your subscribers will see your post when they share! 4. Promote your channelFinally, don't forget to promote your channel on your other social platforms. Most people that have social media channels have at least five different accounts. That's not to say that they are active on these profiles. However, YouTube, Facebook, Twitter and Instagram are the most popular social networks today. If you're going to make bets, there's a good chance that the people you want to watch your videos use Facebook or Twitter. Sharing your videos on these platforms will help you spread brand awareness and encourage people to follow the link back to your YouTube profile, where they will hopefully become subscribers. Sharing your video in the right group may be the difference between two and two thousand subscribers overnight. There are groups available on Facebook and hashtags on Twitter. When you create a new post, use the appropriate hashtags on Twitter, and post your videos in public groups that focus on your niche or industry. Once people start responding to your videos in the comments section on social media and your channel, use this opportunity to engage with them. Answer their questions, ask them their opinions, and learn more about the people that took the time to click the subscribe button. Back to youGrowing a YouTube channel from the ground up is a rewarding experience. You have to remain consistent as you start uploading content and engaging with subscribers. People expect the people behind their favorite channels to be reputable, honest and transparent. The more time you spend with your audience, the better chance you have at growing your audience. Consumer research on social media and more popular channels in your niche can help you make smart decisions about your channel. As you uncover more information, you'll start to get a better idea of what kind of people can benefit from your content. Use that information as a starting point and start your journey to 1,000 subscribers today! |
| Form 7004: Business Tax Extensions Explained Posted: 05 Mar 2020 05:00 AM PST 
If your small business is filing as a partnership or corporation, you can request an extension by filing an Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns application, also known as Form 7004. Although it is possible to extend the deadline for filing your business tax returns, there are a few guidelines you should be aware of. First, the extension only pertains to your tax return; you are still responsible for paying any business taxes you owe on or before your original tax return due date. Second, if you are unsure of what those tax numbers will be, you are still responsible for paying the estimated income tax amount. It is crucial that you estimate this number as accurately as possible, since underpaying can result in penalties from the IRS. Can I get an extension on my business taxes?Yes, corporations and partnerships can get an extension for filing their business tax returns; however, they cannot get an extension for paying their business tax liability. Daniel Henn, CPA, PA, author of The No Holds Barred Candid Talk About Small Business Success in Florida, said that late-payment penalties and interest rates begin to accrue from the original due date. If you need an extension to file your business tax return, file Form 7004 as soon as possible. It is often advised that you work with a certified professional to file tax documents for your business. "If you use a professional for the filing of your business returns and related extensions, verify that the extension was filed and request proof," Henn told business.com. "This is one area that is very difficult to prove reliance on a tax professional to get penalties removed." What is Form 7004?Form 7004 is an IRS tax form that corporations and multiple-member LLCs filing as partnerships can file to extend the due date of their tax return. This form needs to be filled out correctly and submitted on time for an extension to be warranted. "The extension period is typically six months; however, certain filers, such as Form 1041 and Form 1120 filers with fiscal tax years ending June 30, will have an extension period of five and a half months and seven months, respectively," said Jessica L. Smith, an enrolled agent at Slate Law Group. "Several entities are eligible to use this form, but the most common business entities include Form 1065 [for] partnerships, Form 1120 [for] C corporations, Form 1120-S [for] S Corporations, and Form 1041 [for] trusts and estates." Additionally, Henn said businesses can use Form 7004 in relation to Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons) and various forms related to excise tax reporting and withholding. Businesses that file Form 7004 are still required to pay the expected tax liability on or before the original due date of the tax return. "The failure-to-file penalty is calculated at a maximum of 25% of the unpaid tax liability, so it is recommended that the entity pay the tax liability in full or pay what they are able by the original due date of the tax return," said Smith. Where do I file Form 7004?You have two options: You can file Form 7004 online or mail it to the IRS. Smith recommended e-filing. If you are using a tax professional to file your request for an extension, they will likely utilize tax software with e-file capabilities. If you are unable to file Form 7004 online, there is a PDF version of the form you can print, fill out and mail to the IRS. Your entity type and location determine which IRS location you need to mail your form to, so follow the IRS' specific instructions on how to properly file. "We always recommend mailing them via certified mail (e.g., USPS) to prove the date of mailing," said Henn. "This is your get-out-of-jail-free card when you are dealing with due-date sensitive forms and filing with the federal (or state) government. The IRS has been known to misplace documents from time to time." Make a note on the certified mail green tear-off slip of what you sent so you can identify which certified mail receipt goes with which form you filed. Regardless of which way you file the extension, submit it prior to the due date of the tax return. Business tax deadlines and extensionsThe type of business you are filing for will determine which return you must use. For example, if you are a corporation or multimember LLC filing as a partnership, you will likely be required to complete Form 1120, Form 1120-S or Form 1065. To extend the filing deadline for one of these forms, follow the guidelines on Form 7004. Tax return due dates vary. Smith listed the following due dates as a general guideline: U.S. Corporation Income Tax Return (Form 1120)
U.S. Income Tax Return for S Corporation (Form 1120-S)
U.S. Return of Partnership Income (Form 1065)
U.S. Income Tax Return for Estates and Trusts (Form 1041)
An extension of six months (generally) will be granted for these entities if they properly complete Form 7004 and pay their estimated tax (if applicable) by the due date of the return for which the extension is requested. The IRS will not notify you that your extension has been approved. They will only send notifications if they are denying a request for an extension. There are a few deadline extension exceptions that may apply for certain entities filing Form 1041 (five and a half months) and for C corporations with tax years ending June 30th (seven months). Be sure to check with the guidelines on Form 7004 to see what deadline extension your business qualifies for, and don't forget to check with state extensions you may be required to apply for as well.
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