Wed 2 Sep 2009
If you are a small business order, then you can't afford to miss out on an important deadline that is on the horizon. As part of the American Recovery and Reinvestment Act of 2009, the government is extending a special tax refund to small businesses that experienced a significant financial loss in the year 2008.
Expiring Tax Benefits for Small Businesses
Here are some highlights regarding the terms, conditions and deadlines associated with the special tax refund:
- Small businesses that recorded losses in the year 2008 are eligible to apply for the special tax break. The tax break allows businesses who lost money to claim expenses back as far as 2003 (traditionally, one could claim expenses only back to 2006). This five-year window means that a larger refund may be issued.
- Eligible businesses that are owned by individuals must apply for the tax refund by October 15th, 2009. Eligible businesses that are set up as calendar-year corporations must apply by September 15th, 2009.
- Filling out certain forms can help business owners accelerate the refund process. Form 1045 is an application for tentative refund that will speed up the process for individual filers. Form 1139 is the corporate equivalent.
- Refunds for this special tax break will typically be issued within 45 business days.
Time is of the Essence
Time is running out for small business owners to take advantage of this special tax break. This is an excellent way for small business owners to get much-needed cash into their hands with no interest and no strings attached. There is still adequate time remaining to submit the necessary paperwork to qualify for this tax break. Small business owners will need to act quickly in order to process the necessary documents.
Additional details and more specific guidelines regarding the American Recovery and Reinvestment Act of 2009 and the special refund claim deadline is available at these websites:
Small business owners should pay special attention to the approaching deadlines of September 15th, 2009 and October 15th, 2009 in order to make the most out of the special tax refund.