United Way Reminds Small Biz Owners to File Taxes

Friday, March 16, 2012 - 9:26am

Taxes are due in almost one month exactly. The IRS has once again extended the due date this year to April 17th.

The United Way, who is offering free tax prep services to those who make under 49-thousand dollars, is reminding small business owners to file their taxes because it's the law, but also so they don't miss out on getting a refund.

"People who have a little more complicated tax issues have waited and we invite them to come on in, especially those who have, who might run a little business on the side, a flea market stand, so a little yard work, and they're not sure about the tax implications of that," says United Way Financial Stability coordinator Keren Arista.

Arista adds the IRS needs to know even about the extra earned cash on the side.

"A lot of people think, "Oh, it's just a little something on the side, I don't need to report that as taxable income,” but you are required to report all of your income," says Arista.

The United Way tax prep program does not itemize tax returns, but they do file scheduled CEZ’s. These are tax forms for the self employed. A few basic guidelines…a small business owner must have business expenses under five-thousand dollars and have no other employees working for their business, among other things.

While the business of running a business goes beyond just making a sell or cutting grass the United Way wants to help small business owners get a solid grasp on running their business effectively and legally.

"Starting March 22nd until the end of the tax season, we're specifically inviting the public to come in and learn about record keeping for their small little business," says Arista.

Small business owners and anyone else needing to file their taxes, who earns under 49-thousand dollars, can walk into the I-Tech building off of Mexico Blvd. call them at 882-4108 or 2-1-1.

To date, this program has brought in over 1.8-million dollars in earned income tax credits right here in Cameron County.
 

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