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.
Revolutionizing Athlete Development, Shona Eichorn CEO of NIAS
Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams we have today Shona Eichorn. She is the CEO of the Northern inland Academy of Sports. Shona, welcome to today’s show. Shona Eichorn Thank you very much for having me. I’ve very privileged to be with you all. Alan Olsen So Shona,…
The DNA That Drives our Money Behavior with Hugh Massie, Founder of DNA Behavior
Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Hugh Massie. He is the chairman and founder of DNA Behavioral International, and which is focuses on behavior, money insights. And he has also done a lot of tremendous work in, in his life path. And I’m gonna…
Peptide Therapy: Treating the Root Cause, Not Symptoms – Regan Archibald
Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Reagan Archibald Reagan. Welcome to today’s show. Regan Archibald So good to be here, Alan. Alan Olsen So in your in your life path can you give the listeners your timeline of how you got to where you…
The Modern NFL Quarterback Market, 3 Views
Written by Ryan Hickman. As we approach the NFL draft, the quarterback market remains volatile. Many consider Tom Brady to be the greatest football player of all time. Why? As the starting quarterback for the New England Patriots, Brady led their franchise to 6 super-bowl championships before leaving in the 2020 offseason to Tampa Bay…