Checking in with your business finances on a regular basis can help you predict tax issues. You don’t want to get tangled up with the IRS or end up with financial problems so large that you cannot overcome them. While it can be humbling or even anxiety-inducing to take a hard look at the numbers, it should be a regular part of your to-do list.
If you suspect you may already be facing tax issues, it’s time to talk to an attorney. Call Robert V. Boeshaar at 206-488-1979 to schedule a phone consultation now.
You’re Delaying Filing Your Taxes
You have all the paperwork you need to file your taxes well in advance of the tax deadline, but you’re holding off because you just don’t have the money to make your state and federal payments. This is a huge issue since you should have been planning for this all year long. If you don’t file before the deadline, you risk hefty financial penalties and coming under the watchful gaze of the IRS.
Employees Are Getting Paid Late or Not at All
If payroll is your least favorite task because you know your account is going to hit a new low, your business is likely struggling. Payroll is an incredibly important part of your company’s finances, and paying late or not at all could land you in serious trouble with your state’s labor board. If you’re floating bills or taking out loans to make payroll, you need to talk to an attorney.
You Aren’t Paying Your Taxes Quarterly
As a business owner, you should be paying quarterly taxes to avoid late payment penalties and other fines tacked onto your tax return. For struggling business owners, this is often not a priority. Once the bills are paid and the owners have taken their pay, there just isn’t anything left. If you’re doing this, you’re borrowing in a way that puts your business at risk. The IRS is no more lenient on you than your other creditors, and in fact, they can do a lot more to you than other creditors. You should be paying them before even touching the rest of your company’s money.
You’ve Started Tapping Into Credit Cards and Retirement Funds
When business is slow, business owners may tap into other funding options if profits aren’t enough. Once you’ve started putting company expenses on your credit cards or pulling from your retirement funds, you’re likely headed for serious tax problems. You have to take an honest look at your financial situation and ask yourself if more profitable days are ahead or if you’re delaying the inevitable.
Suppliers Are Pulling Out or You’re On a Blacklist
If you’ve paid suppliers late so often that they now refuse to work with you, your business may be on shaky financial ground. Even worse, you may find yourself on a blacklist that makes it hard to find other suppliers to take their place. When this occurs, it’s a good sign that more serious tax issues are just around the corner.
Get the Tax Help You Need With Robert V. Boeshaar
If you’re facing potential tax issues in your business, get ahead of the problem by setting up a free phone consultation with attorney Robert V. Boeshaar. The sooner you face these issues head-on, the sooner you can start addressing them. Call 206-488-1979 or book a consultation online now.
- Is That Letter You Received From the IRS Legitimate? - March 2, 2023
- Don’t Miss Out on the Employee Retention Tax Credit - February 8, 2023
- Getting Out of Trouble With the IRS Through First-Time Penalty Abatement - January 31, 2023
