Putting off dealing with tax problems won’t make them go away, and it will probably make things worse. Possibly far worse. Most business owners don’t struggle with taxes because they set out to defraud the IRS. Some get involved in deals that go south and lead to massive cash flow problems. Others grow their companies too quickly during good times and get caught overextended when bad luck hits. No matter why you find yourself saddled with IRS issues, it’s time to address the root causes and solve the problem for good. 2018 is your year to break free. Here’s why to get going ASAP.
Bleak Finances Help Settlement Negotiations
As an entrepreneur, your true job is Problem Solver. It’s intuitive to want to wait until you’ve regained your balance (financial and otherwise) to take a swing at your tax problems. However, if you wait until your company returns to making a steady profit, the IRS may demand a higher settlement! Start the resolution process early while your income and assets are limited.
Delaying Costs More
Paying taxes can be hard enough, but it’s worse when you’re hit with penalties and interest. Failing to file a return can cost five percent of your outstanding balance every month. If you pay the incorrect amount, the IRS can charge you half a percent on the unpaid funds monthly. If you file late, the IRS can assess both penalties. They also charge interest on amounts that remain unpaid.
Things Are Changing
Congress is making major changes to the tax code that will affect almost everyone in the United States. Waiting until close to deadline to file your taxes might mean you don’t have time to make necessary adjustments.
The Unexpected Happens
Just because 2017 was slow, doesn’t mean the upcoming year will be. If you find your business slammed the first of the year, and things don’t let up until next Christmas, you may not have time to gather the necessary documentation. Plan to resolve your IRS issues from the beginning, so you have plenty of time. As any Boy Scout will tell you: Be Prepared!
Smart, Qualified People Have Time Now—And May Not Later
Right before taxes are due in April, the best accountants and IRS resolution specialists in Colorado will be buried. You’ll have a harder time recruiting good people to answer your questions and optimize your situation. In January, they may have more bandwidth to deal with your problems.
2018 is the year to solve your IRS challenges once and for all. No matter how much you owe the federal government or how complicated and unbearable your debt situation feels, you are not beyond hope! Call the Highland Tax Resolution team for help now: (720) 398-6088.