Top Tips to Remember When You Can’t Pay Business Taxes
Business taxes can be a nightmare for a lot of companies; especially small businesses that are trying to stay afloat. Things can get even tougher when it comes time to file your return and you end up on the wrong side of the ledger. So what should you do if you end up owing more business taxes than can afford?
First, don’t panic. There are steps you can take to get through the process. Then, make sure you still file your taxes on time, even if you know you don’t have the money. By delaying your filing you will be penalized further and owe even more money. So, file on time. If you’re already late, file as soon as possible.
If you can’t pay your debt in full at tax time, you do have some options. You can still make full payments a little late by filing for an extension. If you will have the funds shortly then this is a good option. Keep in mind, though, that you will be charged interest until the full amount is paid off.
You can also agree to the installment method, which allows you to make monthly payments until you pay off the debt in full. This requires a one-time set-up fee but it also allows you to choose the terms and the method of payment. You can also go with the offer in compromise route, which could lower your total bill if the IRS accepts your offer. Lastly, you could request that the IRS delay its collection if you absolutely don’t have the means to pay off your debt. This is called a temporarily delay collection.
Whatever method you choose, it’s always best to pay off whatever you can as soon as you can, and thus avoid further interest and penalties. If you find yourself in this situation, contact GROCO. We’ll help you determine which route is best for you. Call 1-877-CPA-2006, or click here.
Prevent an IRS Audit, 10 Strategies
Prevent an IRS Audit, 10 Strategies Do you like to prevent an IRS audit, well, here are 10 strategies that might help avoid an agent making a visit to your home or office. I don’t know many people who like these experiences, but knowing strategies to prevent an unwanted visit could certainly save you from…
10 Strategies When Handling an IRS Audit
10 Strategies When Handling an IRS Audit The IRS is using new technology to process tax returns and conduct tax audits. As more people are submitting returns through Electronic Filing, the IRS efficiency in processing returns is improving. They also have more data in their system to identify tax returns with non-compliance issues. The IRS…
When to Exercise Your Stock Options
When to Exercise Your Stock Options “Deciding when to exercise your option can be a complex decision. Therefore, it is important to know the rules before you decide to cash in your options.” Know the Rules Employee stock options can provide you with a substantial source of deferred income and permit you to control the…
Accounting Joke Videos
Accounting Joke Videos Insanity So, you’re saying it’s ok. Insanity, is a side-effect of tax law. Accounting Classes I tried taking a course on ethics for my CPE credits, but everything contradicted what I learned in my accounting classes. Feelings So, you’re saying that I should own my feelings… but my accountant said that it…