Indiana Business Tax Help
Tax relief services for Indianapolis area businesses suffering from tax problems
When you own a business, whether large or small, you certainly have a lot of responsibilities. Perhaps the most important is the ability to file taxes correctly. Many business owners don’t have much experience with filing requirements, which may cause trouble later on. Most business tax problems arise when owners use their limited funds to pay operating expenses without putting aside money for payroll taxes, which are withheld from employee’s paychecks, or from a failure to file business tax returns on time, or at all. All business tax problems tend to stem from one of the below:
Payroll Tax Problems – Form 941
Payroll tax problems are serious business tax problems and may arise for many reasons. Increasingly, Indianapolis business owners are simply unaware they have to file a Form 941 with the IRS. If you have failed to file a Form 941, you must do so as soon as possible or the IRS may show up at your door. A failure to pay your payroll taxes will force you to pay the initial amount in addition to tax penalties and interest. If you fail to pay your payroll taxes, you will eventually be forced to pay and moreover you will have to pay tax penalties and interest as well.
Payroll tax delinquencies are the cause of the IRS’ most aggressive collection tactics because a failure to pay these taxes is essentially a failure to pay the government. This money really belonged to your employees who trusted you to withhold their money for these taxes. The IRS has the power to seize your company’s bank accounts and assets, leaving you with no money to operate your business, and eventually causing your business to fail. Luckily, payroll tax problems can be resolved, but require immediate action.
Worker Classification – Employee or Independent Contractor?
Mis-classifying employees is a serious issue to the IRS because it is a cause of substantial losses to state unemployment insurance, among others. Instead of stating their employees as so, many business owners declare them as independent contractors to avoid paying insurance, overtime, and taxes. If the IRS suspects that you may have misclassified your workers, you will receive a notice challenging your tax return and may be subject to substantial back tax liability, as well as penalties and interest. Our local Indianapolis Pure Tax Help tax attorneys can work with you to ensure the most favorable determination in how your workers are classified.
Taxpayers are only allowed to correctly state deductions for which they qualify, keyword being correctly. Sometimes mistakes can be made and you may overstate your deductions, which is not uncommon. If the IRS has challenged your deductions you may be subject to an audit, penalties, interest, fines and, in rare cases, jail time if you do not resolve in a proper and timely manner. Our local tax attorneys at Indiana Pure Tax Help can help you to negotiate a successful resolution.
We are available 24/7 for Indianapolis businesses who are in need of business tax resolution. Contact us today for a FREE consultation.