Top Tips to Remember When You Can’t Pay Business Taxes

man paying bills or 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.

Posted in
12 Surefire Strategies for Overcoming Your Fear of Public Speaking

12 Surefire Strategies for Overcoming Your Fear of Public Speaking

12 Surefire Strategies for Overcoming Your Fear of Public Speaking By Deborah Torres Patel For many people the idea of speaking in public can be absolutely terrifying! And sociologists report that the fear of public speaking ranks even higher than the fear of death. Not to worry. Here are 12 surefire strategies to eliminate stage…

Is Your Career a Stock or a Bond

Is Your Career a Stock or a Bond

Is Your Career a Stock or a Bond Provided by Paul Andrus www.PaulRayAndrus.NYLAgents.comPosted: 8/9/11 Stocks, bonds, and cash each have a different level of volatility. It’s important to know each investment’s risk profile so that you can diversify your portfolio with assets that form a spectrum of risk/reward scenarios. The same holds true for your…

The Three Steps to Developing an Effective Personal Development Plan

The Three Steps to Developing an Effective Personal Development Plan

The Three Steps to Developing an Effective Personal Development Plan Author: Ron Subs Posted: 7/13/10 Effective personal development is the key to finding true self-reliance and control. From communicating with others at work, dealing with situations at home, and even mastering money, personal development is the greatest way to achieve satisfaction in your life. Regardless…

Your Voice Counts - How to Ace That Phone Interview

Your Voice Counts – How to Ace That Phone Interview

Your Voice Counts – How to Ace That Phone Interview By Freddy Ngiam Many people overlook the importance of a phone interview. You may assume that a phone interview is very impersonal. To a certain extent it is but an efficient phone candidate would try to fashion his voice and his tone and manner of…