Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Business Tax Relief and other Tax Relief topics.
DebtHelp.com Tip: One area which you need to concern yourself about is paying your payroll taxes on time. Be certain that you pay them on time, by the due date, or you will face stiff consequences from the IRS. The IRS may allow leniency regarding other taxes, but current payroll taxes is not one of them.
If you are late paying your current payroll taxes (making your payroll tax deposits), the IRS will shut down your business. Make certain that you make your current payroll tax deposits on time to avoid this.
For past due payroll taxes, you may be allowed to keep your doors open only if you make arrangements to pay off your past due balance.
|Sheri Ann Richerson|