{"id":1132,"date":"2022-08-29T13:06:03","date_gmt":"2022-08-29T13:06:03","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=1132"},"modified":"2023-09-25T20:20:44","modified_gmt":"2023-09-25T20:20:44","slug":"business-back-taxes-what-can-you-do-about-them","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/tax-debt-relief\/business-back-taxes-what-can-you-do-about-them","title":{"rendered":"Business Back Taxes: What Can You Do About Them?"},"content":{"rendered":"\n

The average small business pays between 13.3% and 26.9%<\/a> in business taxes. The average US small business pays an estimated 19.8% in business taxes.<\/p>\n\n\n\n

No matter how thriving your business is, this is a large chunk of profit that needs to be paid to the IRS. If your business wavers or things slow down, making that tax payment to the IRS can be challenging.<\/p>\n\n\n\n

Running a successful business can be stressful, with many demands on you as the leader of the business. Before you know it, you have back taxes and are worried about your standing with the IRS.<\/p>\n\n\n\n

If you miss the filing deadline, it’s obvious that you did something wrong, but it’s less clear if the IRS will give you a second chance or an avenue to fix it.<\/p>\n\n\n\n

If you are worried about back taxes owed, keep reading for more information about what you can do to get back taxes help.<\/p>\n\n\n\n

Business Back Taxes, What to Do<\/h2>\n\n\n\n

The reality is that the IRS can be quite intimidating, and you’re probably worried about the consequences of missing a tax deadline.<\/p>\n\n\n\n

The truth is you shouldn’t panic. You can take actionable steps to mitigate the damage and get back on top of your business tax obligations<\/a>.<\/p>\n\n\n\n

The reality is that the worst thing you can do is ignore the problem<\/a>. While dealing with the IRS can move painfully slow, they will still expect you to pay.<\/p>\n\n\n\n

Here are some steps you can take to address your back taxes.<\/p>\n\n\n\n

File for a Tax Extension<\/h3>\n\n\n\n

If you’ve fallen behind recently, you can file for an extension through the IRS. This typically gives you six months to organize and file your taxes.<\/p>\n\n\n\n

You should know that filing an extension doesn’t get you entirely off the hook on consequences for the back taxes.<\/p>\n\n\n\n

The extension won’t reduce the amount of taxes you owe or the interest and penalties you might have because you owe taxes.<\/p>\n\n\n\n

It lets the IRS know you’re not delinquent and need additional time to get the taxes together. For many businesses, filing an extension is common practice.<\/p>\n\n\n

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\n Evaluate your tax situation\n <\/h2>\n

\n By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden and make informed decisions about your financial future.\n <\/p>\n \n \n\n\n

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