By the end of every January, mailboxes are filled with envelopes stamped "important tax documents enclosed." These notices mark the official start of tax season. This year, personal income taxes for 2016 are due on Tuesday, April 18th. While that date may seem far off, it is never too early to start preparing.
Community Business Finance wants to remind business owners about the importance of completing your personal 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 your character and 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, potentially cutting you off from the financing you need. The SBA will not approve a 504 Loan application if you have not filed your taxes properly.
When searching for the best loan for your business, your personal tax returns could impact your access. Be sure to file on time and work out a payment plan if necessary. 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 firstname.lastname@example.org.
In Louisiana, call Jeanne Bergeron at 1-800-462-1017, or email her at email@example.com.