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.
The True Value and Importance of Communication
Communication is extremely valuable in all relationships and in almost every setting. If you want to have a successful relationship with your spouse you must be able to communicate effectively with each other. If you want to have a positive relationship with your children, then you have to learn to communicate with them. Communication in…
The Numbers Don’t Lie-The Wealthy Are Paying More Taxes
More, more, more! So many people demand that the wealthy pay more taxes. ‘They must pay their fair share,” goes the battle cry. The question is what really constitutes a fair share? Truth be told, many of the nations wealthy pay a smaller percentage of taxes than most. However, that doesn’t mean they aren’t paying…
How Much Are U.S. Companies Paying in Corporate Taxes?
It’s no secret that the nation’s wealthiest individuals pay the most in taxes, but did you know that the United State’s corporate tax rate is also among the world’s highest? According to a report from Accounting Today, accounting and consulting firm UHY, says the U.S. corporate tax rate is 41.1 percent. That represents a much…
Succeeding Against All Odds
Just about every startup business or entrepreneur faces tough odds, which at certain points can seem almost insurmountable. Achieving success is always gratifying, but when you achieve success against all odds, that satisfaction can feel even greater. Being able to overcome huge odds and obstacles is never easy, but many people have what it…