If you don’t pay your rent, you could be forced to find a new location for your business, but ultimately you will survive. However, not paying your business payroll taxes can actually cost you your business.
There are some things you can let slide, but paying your business payroll taxes is not one of them. It is important to know the rules so that this issue does not cost you your business.
What to Do If You Cannot Pay Your Business Payroll Taxes
When you can’t pay your business payroll taxes, this is usually an emergency business funding situation and you will need help immediately. Fortunately, you do have options.
Your first call should be to a cash advance company, like Financing Solutions (www.fundmypayroll.com). They can help keep the IRS from banging on your door by providing simple, short term business funding.
You can apply for assistance from Financing Solutions with a quick, 15 minute phone interview. After providing supporting paperwork, you can have the fast cash you need in less than 48 hours.
Best of all, this fast business financing will not cause future problems for your business. You can repay the money in a few short weeks or months without affecting your credit score.
The Consequences of Not Paying Your Business Payroll Taxes
The Internal Revenue Service (IRS) is not the organization you want to mess with. The list of people and businesses that have been ruined over tax issues would fill a book.
As long as you are still in business, the IRS can come after you. In addition to the payroll taxes you owe, they will also charge interest and fees, which increase at approximately 14 percent each year.
The IRS can also seize practically anything you own in its effort to collect back taxes, even if it is personal property. They can effectively shut down your business by taking all your assets, such as bank accounts and inventory, and locking your doors. These actions can be taken with little or no warning.
Cost Effective Ways to Improve Your Business
As a small business owner, there are so many things you have to pay for that you may believe you don’t have enough left over to grow and improve your business, but this is incorrect. There are numerous tools and tactics you can use to increase your cash flow; you just have to know where to look.
One thing you can do is to look into automating various processes. With all the advanced technological tools on the market today, you are bound to find something that will be applicable to your business. For example, you could use programs that help you follow-up with customers to enhance client relationships and encourage repeat business.
You can also seek out mutually beneficial partnership opportunities. For instance, if your company produces quilts, you could join forces with a company that manufactures beds to pool resources on advertising or marketing initiatives.
Another cost effective way to advance your business is to contact Financing Solutions. They can provide you with the quick business funding you need for paying your business payroll taxes and more.