Regardless of whether a person runs a corporate house, a small business, or is self-employed, the end of a fiscal year draws them toward the same destination: paying BUSINESS TAX. This is the time when tax preparation eats up the best hours of the day and you need to have an impeccable balance sheet and that is a huge burden to bear. This burden is what people see as the negative part of an otherwise fine equation, but if business tax planning is done in advance, agonies can be eased with the best wines and Chopin playing on your head!

• IRS and tax refunds

Inevitably, the name of the Internal Revenue Services comes up when there is any tax refund involved and your lawyer must have told you about the related details, but then again, are you aware of the excise tax refund over the phone? TETR, as it’s called, requires a one-time federal tax return that refunds all taxes accrued on long distance calls. That makes paying taxes more affordable and the IRS will no longer seem like a scary thing. For more details, the official website of the IRS can be of great help.

• Frequently Asked Questions and Answer for Tax Refunds

Among the questions that taxpayers frequently ask, some are:

• Which of the tax forms are accepted in the state where one is operating the business?
• What are the criteria that must be met to file a business tax electronically?
• Is electronic filing a viable option and can you pay a state tax return without showing a federal tax return?
• What is the time required for the refund to arrive?
• Is it possible to pay balances owed through debit/credit cards?

And finally, the most feared.

To find an answer to each of them, a person can pay a tax consultant through the nose; otherwise, you may be satisfied paying meager amounts for only half an insight, or you may be fooled by blindly trusting a referrer. But then again, the paradoxical truth being there is hope in despair.