Business Tax Consultant
Avoid Getting Fines
Have you been financially struggle and skipped paying taxes this year? What happens if you fail to pay your taxes? The tax payment due date is April 15. If you’ve been avoiding it because you’d rather spend your hard-working money on something else then you will get yourself in deep trouble. It’s never good to avoid paying taxes and wait until they send you a letter, for every month that goes by you will get penalized by 1 percent of what you owe in taxes. Pay your taxes even if it’s only a part of what you owe, the IRS will be able to help you out in seeing how you can pay the rest. Make sure you contact a Business Tax Consultant to avoid getting fines due to the fact that you did not paid. Business owners must estimate the amount of tax they owe which is the combination of the self-employment tax and income tax.
Fines you may Face if you Fail to Pay Taxes:
Failure-to-pay penalty: You will have to pay half of one percent of your unpaid taxes for not paying before the deadline.
Filing Late: Penalty for every month that the taxes are not paid is 5 percent, up to 25 percent.
If you file after the two months, your penalty payment will be maximum $135
After sending many Notice of Tax due letters, If you owe more than $25,000, a representative will arrive at your house. You might face months in jail, plus you will have to pay penalties for failure to pay taxes.
The recommended way to pay for a taxes if you have a business is by paying four times a year in the following deadlines: April 15, July 15, October 15, and the following January 15
It is important to speak with a Business Tax Consultant in order to make sure you are filing everything correctly. If you owe fines from unpaid taxes then make sure to ask for the calculation of the penalties to get the bill sent to you.
Avoid getting fines due to unpaid taxes by getting assistance from a Business Tax Consultant today!
At Kerr Koncepts Inc. we offer a variety of accounting and tax needs while offering our customers a strategic approach to achieving their business objectives. For further information about our services Call today at (305) 387 – 5880 or click here to make an appointment.