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IRS Tax Debt - Small Business and Tax Debt

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					IRS Tax Debt - Small Business and Tax Debt, Tips For Tax Debt Prevention
Ignoring Debt: Small Businesses usually start out shaky. If you're just
starting your own business and you have no experience, it's hard. You may
even be in the red the first couple of years. But that's no reason to
ignore your taxes. They are still due every year. And if you don't pay,
the punishments will be severe.
How They'll Hit you: The IRS can shut you down. This is a Small Business
owners worst fear. But even more punishment can be dealt out. The IRS has
the power to freeze your bank account. And if that's not bad enough, they
can come to your house and Levy all your luxury items. They can even go
after Accounts Receivable.
Don't Be Greedy: The IRS keeps a close eye on small businesses. They are
looking out for obvious signs of Tax Fraud. These are called "Badges of
Fraud." Some common Badges of Fraud for small businesses are:
-Businesses with two sets of books, or none at all
-Ridiculous Expenditures claimed as "Business Expenses" (Like a new pool
for your house.)
-Altered Checks
-False Receipts
Keep In Mind: Don't let my warnings scare you. There are items you can
claim as tax deductible for your business. But watch out. Before you
claim anything, make sure you can prove it was really used for your
business.
-Travel Expenses
-Interest on Business Loans
-Work Equipment (Trucks, Computers, Office Supplies, etc.)
Getting Help: What if you already ignored your debt? If the IRS has
already sent your notices, do not delay! At any moment, the IRS can use
one of it's weapons of collections against you. Instead, you need to do
your research and find out what's a best way you can pay them off. And if
you don't know what to say when you call the IRS or you're too busy, you
can contact a Tax Care Professional who can handle the situation for you.
Giving Your Cut: Things are going good. And when they are, put money to
the side for Uncle Sam. Not paying your taxes can make or break you. So
if you don't want the IRS to take your small Business from you, put the
IRS first and remember to pay your taxes.
Now You Have the Smoking Gun...Use it!
Richard Close was an IRS-Hitman. He worked as a revenue officer for the
IRS and his father was the head of the collections branch for 30 years;
so it runs in the family. He left that behind and now he's partnered with
Tax Defense Network to help thousands of Americans with their tax
problems. He gives the tips and tricks for you to fight the IRS and win!
Visit him at: http://irs-hitman.blogspot.com or
http://www.taxdefensenetwork.com or contact: email irs-
hitman@taxdefensenetwork.com or 1-888-248-9058.

				
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posted:10/14/2010
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