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Clearing A Back Sales Tax As A Business

Clearing A Back Sales Tax As A Business

Dealing with back sales tax can be troublesome for anyone. If you run a business that owes back tax the trouble can be more worrisome because there is more at stake since your business is your main source of income. Fortunately there are several ways to deal with this.

Clearing Taxes in Bankruptcy

If you are facing surmounting debt, bankruptcy may be the only way out. A good attorney can help you file the bankruptcy, without having to close your business. There are many different types of taxes that can be discharged through bankruptcy. A specialized bankruptcy attorney can help you sort through what can be discharged and what needs to be paid.

Make Payment Arrangements

If you are struggling to pay your taxes, you may also consider payment arrangements for the back taxes. This will show the IRS that you are attempting to pay your debt and can save you from the headache of having to deal with unpaid taxes down the road. The IRS website has information and the forms that need to be filled out to request the payment arrangements.

There are few things in life as unpleasant as taxes, but not dealing with them can lead to consequences like garnishments and bank levies that can limit your ability to earn money.