Getting a Loan to Pay Business Taxes
Getting a loan to pay business taxes might be the only way to save your company. You have to pay your taxes. For a business that is found to be delinquent on paying taxes, the punishment can range from mild to severe.
If the only certainties in life are death and taxes, then it could be argued that death is better. After all, you can only die once but taxes are an unending expense which has to be paid every year.
Various Taxes You May Have to Pay Each Year for Your Small Business
There are so many different kinds of taxes and forms to file for a small business that you may feel like it is difficult to keep up. Nevertheless, it is crucial for you to be aware of all the issues and rules for your type of small business to ensure that you are handling taxes correctly.
Most small businesses have to pay income tax, employment tax if you have employees, and self-employment tax if you work for yourself. In addition, there are various excise taxes and forms, based on what you produce or sell as well as the kinds of equipment you use and how you are paid for your services.
Estimated taxes may be the most tricky to manage. These are generally a concern for those who file as a business partner, sole proprietor, or shareholder, among others. This may require you to pay taxes on things such as interest, rent or sale of assets. The IRS website has a comprehensive list of all the different taxes you must be concerned with as a small business owner as well as the related forms you will need.
The Consequences of Not Paying Taxes
One of the biggest mistakes a business owner could make is not paying taxes. The Internal Revenue Service is not the most forgiving organization so you don’t want to get on their bad side.
It seems that no one can escape the long, omnipresent arms of the IRS. People in all walks of life have suffered for not paying their taxes in a timely fashion including super wealthy Hollywood types like Pamela Anderson and Nicolas Cage, notorious gangster Al Capone, sports stars Pete Rose and Boris Becker, music legend Willie Nelson, famed photographer Annie Leibowitz, and business moguls Martha Stewart and Leona Helmsley. The list goes on and on and you want to make sure you are not added to it.
If you do not pay your business taxes, you could face a fine or penalty. They can also place liens and levies on all your assets, which give the IRS legal rights to potentially seize everything you own. This may include your property, account receivables, and any kind of business interests where you have money or assets invested.
Options for Paying Business Taxes
With so many balls to juggle when you own a small business, there might be aspects which fall through the cracks. There are also payments that you may be tempted to put off in favor of more immediate concerns, such as making payroll for the month. Paying business taxes should not be one of them.
Business taxes must be paid when due, because the consequences for nonpayment are so high, both professionally and personally. If the government decides to hit you with a lien or levy, it becomes public information, which could make it extremely difficult to get credit or convince others to do business with you.
When you realize this payment is due and you don’t have the cash on hand to pay it, you may start to panic. Among the options you should consider is getting a loan to pay business taxes.
Cash advance companies, like Financing Solutions (www.fundmypayroll.com) can help you out. To use this alternative, you simply sell your account receivables to get the cash you need in a hurry, instead of having to wait 30, 60 or 90 days for them to become due.
In this way, you can pay your business taxes immediately and then repay the funds you borrowed in a few weeks or months, when you have the money and you are not in such a cash shortage. Cash advance companies provide the best way to get help for paying your business taxes easily and without a long term commitment.