Business Tax Debt Help for West Palm Beach Business Owners
Starting and maintaining a business is hard, but it is especially difficult when you are buried in business tax debt. As a business owner struggling with tax debt, you may feel that you are swimming in the ocean with tidal waves approaching. If you are a West Palm Beach business struggling with IRS tax debt issues, business tax help is a short swim away. The business tax attorneys at West Palm Beach Pure Tax Resolution have successfully assisted hundreds of businesses in need of business tax help, and we can assist you with your business tax debt.
Common Business Tax Debt Problems:
Payroll Tax Debt, Classification Errors, and Overstating Deductions
Payroll Tax Problems
If you owe past due payroll taxes to the IRS you will eventually have to repay the initial amount with added penalties, so it is important to act fast before this debt keeps growing. Payroll tax debt usually arises when business owners have no clear way to keep their business running and the owner simply uses funds set aside from employee’s paychecks to pay operating expenses.
Worker Classification Problems
Independent contractors generally grant business owners the benefit of lower or no employee tax payments, so it can be tempting to classify workers as contractors instead of employees. This common problem is not legal and the IRS takes it very seriously. Whether you mistakenly or fraudulently misclassified your workers you must take action immediately or face hefty penalties and a stressful business tax audit.
Overstating Deductions On Your Tax Filing
Overstating deductions is simply when owners manipulate their tax return in order to get more money on their tax refund. If the IRS believes that you are overstating your tax deductions for a larger return they will take immediate action with a business tax audit. Overstating deductions is quite frequent, whether intended or not, but no amount of extra money is worth losing your beloved business.
If your business is facing any of these three business tax issues, contact us immediately as you are at risk to lose your business. We are available 7 days a week to talk, and offer FREE consultations (561) 293-2577.