March 1, 2022 - Douglas Myser

Information for filing small business taxes. We have worked with numerous small business owners who started a company, became successful, but forgot a few things at the beginning of the adventure, that eventually cost them dearly with the IRS and the local taxing authorities. The first thing that some business owners forget to do, is to choose the right status for the business. We have had one man operations that formed a C Corporation, yet they were only producing roughly one hundred thousand in revenue per year. No one told them that C Corporation status is generally for businesses with over $5 million in annual revenue. Then you have the rules for partnership's which can get a bit messy unless the parameters are set forth properly from the start. The last thing you want to do, is to pour your hard work, blood, sweat, and sacrifice your time away from family, building up your business, only to have the tax man come along and tear it down, because you missed some crucial steps in the beginning. Information for filing small business taxes.

One of the decisions you must make is the structure of the company. If you don't know the ramifications of this, do yourself a favor and save alot of money from making mistake down the road, go get professional help so you know the rules of the road prior to getting ticketed by the IRS or local State Revenue Agents. We had a incredibly successful business owner in Arizona, who structured his business wrong, and ended up owing a large payroll tax debt. Unfortunately, even after saving him $9,000,000 in Trust Fund Recovery Fees, we couldn't fix the rest, due to his gambling addiction. He wasted the business and dozens of jobs away, even though we had some serious talks with him about the ramifications of his actions. That's what good Tax Resolution is about. We even offered to do a IRS Fresh Start Program for free, after saving the Trust Fund, but he didn't want to deal with it anymore.