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PostHeaderIcon Tax Bits – June 13, 2011

June 15th is right around the corner and with the 15th of the month usually comes some deadlines.  First off, if you’re filing a 1040-NR and you weren’t subject to withholding, your tax return is due on June 15.  Both corporate and individual second quarter estimates are due so especially if you’re doing something where taxes aren’t being withheld, it’d be a good idea to talk to a tax professional.    Finally, foreign corporations that don’t maintain an office or place of business in the United States have to file their 1120-F by June 15.

If you’ve heard those ads on the radio talking about how you can settle with the IRS on your past bills for pennies on the dollar and you had suspicions you had them for a good reason.  While there are legitimate companies out there that can help you talk to and negotiate with the IRS, there are also a good share that are just looking to take your money.  This is a topic that the Smart Money’s tax blog recently took on.  I had a conversation with an IRS agent last month and she confirmed some of the facts in this story, namely that if you have the money, you’re not going to get much of a break.

Inituit’s Small Business Blog had a nice piece on the five common legal mistakes small business make.  It’s a short read and important whether you have a business already or are just starting out.