Sometimes, when you are a “do-everything” entrepreneur, you forget things. You leave your cell phone at Starbucks; you leave your iPad in the car and it slides underneath the seat, and you find it three days later after tearing apart your home; you forget one of the 3,267 passwords you have for websites you access, and it happens to be the most important one.
On the scale of seriousness, forgetting to file a tax return is at about a 7 (with 10 being what we call a "tax-evader").
For business owners, it’s like flossing. You hate doing it, so therefore you push it to the back of your mind. It wasn’t intentional, but IRS sometimes don’t care whether you meant to do it or not. You didn’t file the return, it’s late, and you owe penalties and interest and the fatted calf.
Like Stanley, who owned a construction company and didn’t file a corporate or personal tax return for 4 years. His corporation was dissolved by the state of SC; he paid nearly $6,000 in penalties for late filing and late payment of taxes; his poor wife was about to pull all of her hair out. We helped reinstate his business and get caught up, but the cost for all of this in time, worry and cash were completely avoidable.
We chose to establish Start-Up School to help entrepreneurs understand as many facets of running a new business as our time will allow. One of those topics covers how the IRS and state agencies can be persnickety when it comes to filing tax returns accurately and on-time.
We seek to arm you with as much information as possible....think of us as your concierge in the hotel of entrepreneurship.
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