Deadlines are definitely a necessary evil – no one likes to feel the pressure of a deadline on their back but without them, we would procrastinate. And procrastinate. And procrastinate. This week on our ABC’s for small business blogging segment, F is for filing, and meeting, deadlines.
We need a bit of a push if we ever expect to get anything done. And, for many, that “deadline” is the end of the year. It’s a simple enough deadline, and gives you 364 days of wiggle-room. We hear from a lot of people that say they want to start a business by the end of the year. They have an idea, they have a plan, and they just need to actually get that paperwork filed and their business opened. So they put it off, month after month, because they gave themselves until the end of the year.
And here we are, in October. Two months until the end. And you may be asking yourself, “Is it worth spending the time to file what I need to file for just two months of business?”
Opening up your business two months before the end of the year will give you two more months of sales and growth, but with them comes end of the year taxes and filing fees. It may not be worth the headache, and hit to your wallet, to get going so late in the year.
So, around this time, we typically recommend that new businesses owners look at the ‘delayed filing’ option when sending in their paperwork to the state. You can still get your business paperwork filed before the end of the year, just like you wanted, but the state will hold off on recognizing your business until January. You get two more months to prepare to open, have a set date for recognition, and can still keep that promise you made to yourself to get your paperwork in by the end of the year.
Also, if deadlines are something that you’re consistently worried about, you should consider checking out our new service, the MyCorp Vault when sending in your business filings. With it you can keep track of everything you need to keep your business in good standing with the state, and know when a deadline is approaching.
After all, preparation is key when it comes to deadlines, and staying on top of your paperwork is a great way to avoid scrambling around when deadlines loom.