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2015 IRS Tax Planning for Businesses

For 2015 keep meticulous records for all business income and expenses!

IRS Revenue Agents and IRS Tax Compliance Officers for their audit examinations require proof of business mileage.  A paper calendar should be used to document all business miles driven on a daily basis.  The IRS will not accept an estimate of annual business mileage.

For a self employed business person, the final 2014 Form 1040-ES estimated tax payment is due prior to January 15, 2015.  The first estimated tax payment for 2015 is due by April 15, 2015.

For businesses with employees all federal tax deposits need to be timely made for the quarterly payroll Form 941.  For the year ending December 31, 2014, the 2014 annual Form 940 needs to be filed prior to Jamuary 31, 2015.  For the calendar quarter ending December 31, 2014, the quarterly Form 941, needs to be filed prior to January 31, 2015.

For corporations, the 2014 corporate Form 1120, needs to be filed prior to March 31, 2015.

If businesses owe the IRS for previous periods, the IRS requires that current taxes are being paid, prior to approving an installment payment plan for past-due taxes.