Due to the calendar, taxes for 2016 won’t be due until Tuesday, April 18 this year, but those three extra days won’t provide many small business owners that much of a cushion.
While your business partners and vendors may be occasionally lenient when it comes to payment, Uncle Sam expects you to settle up in full on time. You can apply for an extension if you need to, but you’ll still have to settle your bill eventually.
Though Tax Day is more than three months away, it’s never too early to start planning ahead for tax season—particularly if your small business, like many others, isn’t flush with cash.
If you’re like most small business owners, you probably have a stack of unpaid invoices laying around. Unfortunately, you can’t sign them over to the IRS to pay your company’s tax bill.
What you can do, however, is use an invoice financing service like Fundbox to advance payments on the bills your customers haven’t paid yet. That way, you can get access to the money you need to settle up with the government—so you can stop worrying about your taxes and start focusing on what you need to do to grow your business.
Here’s how Fundbox works:
- Create an account. It’s free and easy and shouldn’t take more than a few minutes.
- Connect your bookkeeping app. Fundbox integrates with Freshbooks, Harvest, QuickBooks, Xero, Clio, InvoiceASAP, Sage One, and Jobber.
- Choose the invoices you want to clear. If you’re using a computer, click the invoice you want to be advanced with your mouse. If you’re on a mobile device, tap it with your finger.
- Put your money to work. Once you choose the invoices you want to clear, money will be deposited in your business bank account in as soon as one business day. Depending on which package you choose, you’ll then have 12 or 24 weeks to repay the advance, plus a small fee.
There’s no sense in worrying about how you’re going to come up with the money to pay your small business’ taxes if you’re waiting on customer checks to come in. Thanks to Fundbox, you won’t have to.
Ready for more?
Apply for funding and find out if you qualify today