If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date.
The IRS encourages taxpayers to pay the full amount of their tax liability on time, and it imposes significant penalties and interest on late payments. Thus, if you are unable to pay the taxes that you owe, it is generally in your best interest to make other arrangements to obtain the full funds to pay your taxes so that you are not subjected to the government’s penalties and interest. Here are a few options to consider.
Whatever you decide, don’t just ignore your tax liability, as that is the worst thing you can do. If you are a business owner getting nailed with self-employment taxes yet again this year, contact us immediately so we can discuss how we can implement a system NOW to avoid that in 2018.
Mike is the Managing Partner of JETRO and Associates. Mike has spent the majority of his career as an entrepreneur. He was CFO and co-founded several companies and has experience in all business stages. He set out on a mission to help businesses that have seen and lived the same experiences he did in business. This is how JETRO was built. He has been in the shoes of many small business owners out there and his end goal is to help them in one area that most business owners are not familiar with, accounting and taxes. Mike earned his Bachelor’s degree in Business Administration and Masters degree in Accounting. He is a licensed CPA in Wisconsin. He is also a Registered Tax Planner. When Mike is not in the office you can find him spending time with family and friends. He is also an avid sports fan and you can often find him rooting for his Brewers, Badgers, Bucks, and Vikings (yes, it's true).
I Didn’t File My Tax Return; Now What?
Avoiding an IRS Audit as a Fitness Studio Owner
Cryptocurrencies and Taxes
Trainers: Independent Contractors or Employees?
Business Owners Beware – Entertainment Expenses Limited
Tax Reform Central: Find Everything About the Tax Cuts and Jobs Act
Tax Time Has Arrived! Are You Ready?
1099-MISC Rundown for Fitness Studio Owners