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Overpay this year? Speed up your company’s tax refund

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in Small Business Tax

Did your company overpay its estimated tax for 2008 due to a slowdown in holiday sales or fluctuating income throughout the year? You can recoup the overpayment before you file your corporate tax return in March (or later if you apply for an extension).

Request a fast refund of the overpayment from the IRS in January. File Form 4466, Corporate Application for Quick Refund of Overpayment of Estimated Tax. Print out the form and instructions at www.irs.gov/pub/irs-pdf/f4466.pdf.

Typically, your company will receive its refund within 45 days of filing the request with the IRS. There are only two requirements:

  1. The overpayment must be at least 10% of the estimated 2008 tax liability.
  2. The overpayment also must be at least $500.

Tip: The deadline for filing the election form is the 15th day of the third month following the close of the tax year, March 16, 2009, for the calendar 2008 tax year. But why wait until then when you can have the money now?

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