Small Business Builder: Tax Deadline Nears

March 27 -- Never fear, though the deadline draws near …

The seasonal return of dew-kissed grass and gentle rain,Makes many feel revitalized, lighthearted, free of pain. These people sublimely filed tax returns timely. The ones for whom tax deadlines loom are unfulfilled and hollow. They know that, when the turf appears, the crabgrass soon will follow.

Entrepreneurs, be hopeful, for the gentle sunlight smilesOn businesses whose tax files decompose in "to-do" piles.An extension can be had, our other tips might make you glad.So be of good cheer as rosebuds appear,And take our advice fer yer spring to be nicer.

Small-Business Tips From the IRS

Early in March, the kinder, gentler Internal Revenue Service launched its online Small Business and Self-Employed Community. There are instructions on what to do if you can't file on time, can't pay on time or both.

In addition to such tax information as forms, tips, regulations, news, trends and audit-avoidance techniques, the site includes a checklist of small-business start-up requirements, a business-plan tutorial, financing suggestions and much more.

Specialized information is available for the construction and restaurant industries (with others to follow). A construction "hot topic," for example, carries the headline "Sanitary Sewer Overflow Regulations Released." The Excise Tax topic advises, "Construction companies may be liable for Federal excise taxes or due a fuel tax credit or refund."

Visit the restaurant page to learn about new voluntary tip-reporting agreements and the work opportunity credit.

Avoid Penalties for Missing Deadlines

For individuals and calendar-year businesses, the federal tax-filing deadline is April 16 (April 17 for taxpayers whose IRS service center is in Massachusetts, which celebrates Patriots Day on April 16).

Requesting an automatic extension (until August 15) can buy time to prepare your return but won't delay your tax-due date. Unless you expect a refund, be prepared either to pay an estimated amount when you request an extension or to be charged interest (and possibly a penalty) when you file late.