Back Taxes

Back Tax Blues? Understanding Back Taxes For Texas Individuals And Small Businesses

This article will help you understand how to handle back taxes as a Texas small business, including:

• How most businesses end up owing back taxes.
• What implications back taxes can have on your business.
• How to resolve your back taxes in Texas.

What Generally Leads To A Small Business Owing Back Taxes?

Failing to file business tax returns or to pay the correct amount of tax on time can lead to owing back taxes. This can happen for any number of reasons, such as after a rough patch in terms of revenue or because of bureaucratic errors and oversights.

What Are The Penalties Or Consequences Of Not Paying Back Taxes For An Individual Or Business?

First, the IRS will charge interest on whatever amount is outstanding, which means if you do not handle them, they are only likely to continue rising. The IRS may also levy a late-payment penalty so it is important to seek help and deal with any outstanding back taxes as quickly as possible.

What Are The Implications Of Unresolved Back Taxes On Personal Assets Or Business Assets?

The IRS has the power to take matters into its own hands, eventually imposing garnishments on wages or revenue if you do not get your back taxes dealt with soon enough.

What Options Are Available For Individuals Or Businesses To Pay Off Substantial Amounts Of Back Taxes?

Fortunately, it is possible to deal with back taxes without too much difficulty, even long overdue ones. The IRS can be negotiated with to set up a payment plan, often with the help of an attorney. This will allow you to pay the back taxes slowly over time while staying in business and continuing to earn.

Can Your Firm Negotiate A Settlement Or Payment Plan For My Personal Or Business Back Taxes?

Absolutely, we have extensive experience working with both individuals and small businesses to resolve tax debts, back taxes, and other tax headaches.

How Does The Statute Of Limitations Apply To Back Taxes For Individuals Or Businesses?

The statute of limitations to collect back taxes is ten years. However, to assess a tax against you, the IRS has only three years from the date you filed the tax return.

What Should I Look For In A Houston Tax Attorney To Help With My Back Taxes?

You should look for someone who will review your tax situation quickly and efficiently to ensure that you only pay what you owe. For more information on Back Taxes For Small Businesses In Texas, an initial consultation is your next best step.