Did you know that more than 40% of small business owners spend more than 80 hours per year filing their business taxes?
That time commitment often causes things to fall by the wayside. And if you’re behind on filing your taxes, it’s likely that you’ll owe the IRS money. The longer you put off paying, the harder it will be for your business.
Luckily, tax resolution services can help you get your business back on track. Here are a few key benefits you’ll experience if you hire a tax resolution professional.
1. You Won’t Deal With the IRS on Your Own
If you’re facing an audit or are struggling to pay back taxes, you’ll have to work closely with the IRS until you reach a resolution. This can be overwhelming for small business owners that are still trying to keep their businesses running.
By hiring a tax resolution specialist, you’ll be able to focus more on running your company. Your specialist will help communicate with the IRS and can explain what you need to do to get through the process unscathed.
Even better, they’ll be able to offer advice on what to say and when to say it.
2. Tax Resolution Services Can Reduce What You Owe
When you’re behind on tax payments, the IRS will fine you and the longer you’re late, the higher those fines will be. That means your total tax balance will be much higher than you think. But that doesn’t mean you’re stuck paying the full balance.
Believe it or not, you may be able to negotiate what you owe to the IRS. However, those negotiations are difficult and time-consuming.
The best tax resolution services will do everything they can to decrease what you owe. They’ll negotiate on your behalf and use their knowledge and connections to reach a fair settlement.
They’ll look at the details of your unique situation and consult with any tax planning services you worked with in the past to determine the best course of action.
3. You’ll Keep Your Personal Property Safe
Being behind on taxes doesn’t just put your business at risk. It can also put your personal property at risk of seizure. If you’re not able to repay what you owe, the IRS may try to take your property to settle your debt.
With a tax resolution professional, you’ll reduce the likelihood of losing your personal and business property.
Don’t Wait to Get the Help You Need
If you’re worried about owing the IRS, don’t try to handle the situation on your own. Reach out to your tax planning service and see if there’s anything they missed when filing your taxes. If they can’t help, look into hiring tax resolution services as soon as possible.
These experts will help you reach a settlement so you can get back to life as normal.
Owing taxes to the IRS is never a pleasant experience. But it’s one that you can prevent with a little due diligence. Check out our latest posts for more tips to help you keep your finances and your tax situation balanced.
