As the October 15th extension deadline for filing 2008 tax returns looms closer, many small business owners like you who have been busy with running your business may be growing anxious.
To a busy business owner who has to sort through piles of receipts and invoices just to get organized to file their taxes, October 15th may not seem like a lenient tax extension deadline. It can be overwhelming to sit down to do the enormous amounts of paperwork and even more expensive to pay a CPA to sort through your documents (some charging $300 to file your taxes and also if they have to organize your receipts).
Ironically, the very act of filing and paying taxes that small businesses dread is the one thing that will ease their nerves. Too often are people so paralyzed by their anxiety over taxes that they procrastinate until the very last minute–leaving themselves little to no wiggle room in case they need more time to put their files together.
If you are one of these people, you can seek tax help from a tax professional. There is no good reason for anyone to go through tax anxiety like this by themselves. By spending a day or two organizing your documents and filing on time, you will save hundreds and thousands of dollars in IRS penalties.
Associated Press recommends “If your papers are so disorganized that you have many missing checks or invoices, or can’t figure out which receipts go with which payments, do the best you can. But be up-front with the government and tell the IRS you’re filing an estimated return. You can always amend it in the future.”
The IRS makes it very clear on their website, http://www.irs.gov, about the reasons you should file your return on time. “If taxes are owed, a delay in filing may result in penalty and interest charges that could increase your tax bill by 25 percent or more.”
The good news is that the government does recognize that not everyone can afford to pay their taxes right away. While it will charge interest on taxes not paid on time, it is willing to work out a payment schedule.
IRS penalties for failure to file are severe–don’t gamble with your bank account on the table. It’s still not too late to get your documents together to file your taxes before October 15th. Overcome your tax anxiety by getting professional tax help and take control of your tax problems today.
Protect your financial future by acting on your tax problems now–the longer you wait, the worse it will inevitably get. If you owe the IRS less than $25,000, you can apply for an Installment Agreement. There are many alternative tax resolutions you can negotiate with the IRS which will save your financial sanity in the future.
If you owe the IRS more than $15,000, you need professional tax help. Don’t wait another day to put your tax problems away.
More Tax Help, IRS News and Tax Relief Tips:
- IRS Tax Help From Tax Expert: What Individuals and Businesses Need to Know to Avoid Tax Problems
- Release Your IRS Bank Levy: How a Tax Attorney or Certified Tax Resolution Specialist Can Give You an Advantage
- Your Unfiled Delinquent Tax Return Checklist: Stop the IRS Now and Avoid Steep Interest and Penalties from Accumulating
- Tax Resolution News: IRS Warns Against Frivolous Tax Arguments That Can Incur Severe Penalties
- Tax Resolution Services, Co. Works With Bill Handel to Offer Expert Tax Advice
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