If you miss a payment to a vendor, they may choose not to do business with you again and if you miss an opportunity to grow your business, that’s your loss. However, missing payroll taxes can bring the IRS to your door, and that is a situation you never want to be in.
Everyone knows that missing payroll may cause your employees to turn against you and wreak havoc throughout your company. An even bigger problem would be missing payroll taxes that can bring the IRS to your door.
How the IRS Works
You may think the IRS pursues all taxes equally but they don’t. The IRS is especially vigorous in going after payroll taxes withheld from wages that are not promptly paid to the government.
When a business owner is in financial trouble, he or she may look to the money put aside for payroll taxes to get out of a cash crisis. Nevertheless, you should never see this as a solution because the risks far outweigh the benefits of this action.
For example, when you don’t pay your payroll taxes, the IRS may seek to come after the business owner(s) as well as any executives or officers of your company in order to recover the money owed. They also typically add interest and penalties which can significantly increase the debt.
How You Can Avoid Missing Payroll Taxes That Can Bring the IRS to Your Door
For many small businesses, missing payroll taxes is either a case of confusion about IRS deadlines or a shortage of cash. Get yourself a decent calendar system with reminders and then contact a cash advance company, like Financing Solutions (www.fundmypayroll.com). They can help you get the cash now that you need to avoid missing payroll taxes.
With Financing Solutions, you can get quick business funding in less than 48 hours. All it takes is a 15 minute phone interview to apply and you will receive an answer regarding your application in a few hours. More than 90 percent of the businesses that apply are approved.
The money can be used for anything, such as making payroll, building working capital, or paying payroll taxes. Best of all, there is no long term commitment. You can repay the funding in a couple of weeks or months with no penalties.
What Your Small Business May Be Missing
It is a known fact that small businesses fail at a much higher rate than big companies. Studies have shown that a key reason for this is that many small businesses simply run out of cash. For others, they are unsuccessful at adapting to change.
One way to prevent this from happening to your business is to embrace the digital revolution. With so many people using smart devices to stay connected, your company must use this technology to reach them where they are. In fact, with digital marketing, you can purchase advertising easily and inexpensively, which may make it more cost effective than newspapers or direct mail.
Another way to keep your business strong is to enhance your cash flow with fast business funding from Financing Solutions. They can help keep the IRS wolves from banging down your door.