BUSINESS INCOME TAX
Don’t let your Business be taken from you
Businesses are required by the IRS to file an income tax return every year. The IRS expects businesses to pay these taxes as they earn or receive income during the year. Businesses who do not pay their fair share in incomes taxes might be subject to collections by the IRS. If the IRS is coming after your business for unpaid income taxes, it’s in your best interest to consult with a skilled tax professional. Receiving a collection notice in the mail can be very worrisome, but having an expert by your side can make the situation a lot easier.
Business Income Taxes
Businesses are taxed on profit: income earned less cost of goods/services sold less tax deductions.
If the IRS believes a business did not pay all of its income taxes for the year, they may seize its property and other assets.
Protect your business and yourself.
Business Income Taxes
The amount of income taxes businesses have to pay to the IRS depends on the amount of money they made in a year. To determine your business’s profit, you must take your gross business sales and subtract your costs of goods sold. Any income you make through your business must be reported on your taxes. You can reduce some of your tax burden by using deductions, such as meal expenses, travel and business gifts.
If the IRS believes a business did not pay all of its income taxes for the year, they may seize its property and other assets. If the IRS is threatening collections on your business, do not wait and contact us to help you protect your livelihood.
The level of taxable business income is determined by the structure you chose: sole proprietorship, partnership, corporation or S corporation.
With no employer to withhold taxes for you, you have to make estimated tax payments for Social Security, Medicare and income taxes if you are self-employed, in a partnership or S corporation.
In the same way the IRS takes action against individuals to recover owed taxes, they may file a notice of federal lien, serve a notice of levy and seize business property and assets.
Individual Adverse Collection
If the business entity is not able to cover the tax debt, the IRS next takes action against individuals: business owners or shareholders.