• Personal Income Taxes and the 504 Loan Program

    "Death, taxes and childbirth! There's never any convenient time for any of them," exclaimed Scarlett O'Hara in Margaret Mitchell's classic novel Gone with the Wind. While there may not be a convenient time to file your taxes, there is a deadline nonetheless. This year taxpayers have a few extra days to get their information together. As a result of Emancipation Day being observed on April 15th, the deadline to file 2015 personal income taxes is April 18th.

    Community Business Finance wants to remind business owners about the importance of completing your tax returns on time and how your returns can affect your ability to get the business financing you need. When applying for an SBA 504 Loan, or any business loan, lenders will look very closely at your tax returns. It is a key piece of information that gives lenders a wealth of insight into the health of your business.

    There are varied reasons for delayed filing, such as missing information, inability to pay taxes due, or simple procrastination. However, accurate and faithful reporting is crucial to the success of a business. If information needed for accuracy is not available to file on time, you can file an extension for six months. This extension is only for filing your tax forms. If any taxes are owed, they are still due on April 18th or penalties and late fees will begin to accrue.
    If you are unable to pay the taxes due, you should still file your paperwork on time. You can request an installment plan to make payments more manageable and avoid penalties and fees. Failure to file your personal income taxes or your business income taxes negatively impacts your character for both lenders and the SBA. The SBA will not approve a 504 loan application if you have not filed your taxes properly.

    Scarlett O'Hara may be right that taxes are never convenient, but they are very important when searching for the best loan for your business. If you are ready to apply for Community Business Finance's 504 Loan Program, you can get started by filling out a short form on our website and a loan officer will contact you. You can also contact our offices directly:

    In Texas call Bill Ebersole at 713-457-1650, ext. 201, or email him at bill@communitybusinessfinance.com.
    In Louisiana, call Jeanne Bergeron at 1-800-462-1017, or email her at jeanne@communitybusinessfinance.com.

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