Did your company overpay its estimated tax in 2013 due to a slowdown in holiday sales or fluctuating income throughout the year? You can recoup the overpayment even before you file the corporate tax return due on March 15 (or apply for the six-month extension).
Strategy: Request a fast refund from the IRS. All you have to do is file Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax.
Typically, your company will receive its refund within 45 days of filing the Form 4466 request with the IRS (although the government’s October shutdown might delay this slightly.) There are only two requirements.
- The overpayment must be for at least 10% of the estimated 2013 tax liability.
- The overpayment must be for at least $500.
Tip: You have until March 15 to make this election. But why wait and let Uncle Sam have the use of your money? Act as soon as you can.
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