Stop The Presses! Your daily business operations have come to a screeching halt due to tax difficulties. You owe the IRS money and they have some pretty powerful ways to collect their money. Don’t be tripped up by tax mistakes. Even the smallest mishap could cost you thousands of dollars, or even your business!What are My Responsibilities? – As a business owner, you are responsible for paying Payroll taxes, Income tax, Self-Employment tax, and possibly Excise tax. Not paying your taxes on time (or at all) can induce penalties that can quickly increase the tax bill by 25% of the original amount owed. If you think that this could never happen to you; think again. Trust me, nothing makes an IRS Hitman happier than be able strike the innocent taxpayer when they least expect it.Better Late Than Never Normally there are two major reasons for not filing on time: either you don’t have the paperwork gathered, or you don’t have the money. Make sure that you don’t have to use either of these excuses. If you know you won’t have the documentation ready in time for the first filing deadline, file for an extension. Remember: if you file for an… Read full this story
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