There are a myriad of rules to keep in mind as a corporation, such as remembering to pay additional taxes. It is easy to get behind on this issue and, as a result, you might need a business loan to pay corporation tax. If so, you should look at Payroll Financing first.
Former business giant Lee Iacocca once said that in any corporation, there is only one guy in the end, and that is the CEO. As a result, when your company needs a business loan to pay corporation tax, it is up to you to find one.
Why Payroll Financing is the Best Place to Get Funding to Pay Corporation Tax
When you are looking for a business loan to pay corporation tax, what you really need is short term business financing. You don’t want to be locked into a long term repayment schedule and continuous debt.
A spot factor, like Financing Solutions (www.fundmypayroll.com), can get you the cash you need now to pay corporation tax. The process is as simple as selling some or all of your account receivables to receive cash based on a percentage of their value.
At Financing Solutions, the application process takes approximately 15 minutes, you get an answer on your application in a few hours, and, if approved, you can have the money you need in your account in less than two days. This will allow you to pay corporation tax in plenty of time to beat the IRS deadlines.
Consequences of Not Paying Corporation Tax
With all the complicated tax laws and all the other aspects of running a business that you have to think about, paying corporation tax is one item that many companies put on the back burner, where it can be easily forgotten. However, not paying corporation tax should never be considered.
There are severe penalties imposed by the government for those businesses that do not handle their taxes properly. For example, they can put a lien on your assets, or seize them altogether to fulfill your tax obligations.
Additionally, even though it’s a corporation, in some cases, owners can be held financially liable for the debt. It’s just not worth the hassle.
Understanding Corporation Tax
As a business owner, it may seem like there is a new tax created every day. At times, you might wonder why you decided to incorporate in the first place.
Corporations are the only type of business in this country which must pay a tax based on income from profits. This tax was developed because, legally, a corporation is somewhat disconnected from its owners. Among the profits which can be taxed are retained earnings, or money that is kept aside for things like expansion, and shareholder dividends. To add insult to injury, dividends are actually taxed twice.
It is critical to file the appropriate tax forms four times a year. Be sure to check with your accountant or the Internal Revenue Service website to guarantee that you pay corporation tax correctly.
The best way to get a handle on all this is to contact Financing Solutions to obtain funding to pay corporation tax. With their help, you will have at least one less headache and put more of your focus on growing your business.