Business Tax Help for Phoenix-area Business Owners
Business tax problems affect Phoenix businesses of all sizes and across all industries, and Phoenix Pure Tax is dedicated to providing effective business tax help for Phoenix business owners struggling with tax problems. If you are business owner in the Phoenix area, the majority of your time is dedicated to serving your customers, meeting your payroll and hopefully growing your business. Sometimes, important business tax filings fall through the cracks. Other times, business owners struggle with temporary cash flow problems and fail to pay payroll taxes or other business taxes, resulting in impending business tax debt. These business tax problems are not uncommon, but with a quick phone call to Phoenix Pure Tax, you can be on the right track to settling your business tax debt, for good!
Common Business Tax Problems:
Payroll Tax Debt (Form 941)
While not an ethical way to conduct business, payroll tax debt is fairly common. Payroll tax debt arises when business owners use the funds set aside for employee’s paychecks and use them to pay their operating expenses. Many first time business owners employ this tactic because they have no other way to keep their business up and running. This is not the answer. The IRS can force you to pay back the money you owe your employees in addition to hefty penalties. Ultimately, this can cost you your business and livelihood.
Worker Classification Problems
To save money on employee taxes, some business owners purposely mis-classify their employees as contractors. Others who find themselves in this dilemma mistakenly do so, as the line can be blurred sometimes between employee work and contract work. Regardless of the intention, this is not legal and if the IRS suspects that you are incorrectly classifying they will audit your business and hit you with large penalties.
Overstating Deductions On Your Tax Filing
Everybody loves getting their tax return back; some so much so that they overstate their figures to receive a greater return. While fairly common among individuals, this problem is also found frequently within businesses. Sometimes the numbers is accidentally enlarged, but whether intended or not this is a very serious issue in the eyes of the IRS. If the IRS has reason to believe that you have overstated your deductions they will want to perform a risky business tax audit on your company.
With a variety of business tax problems that business owners face, we have the ability to provide business tax relief to get Phoenix business owners back on track Contact us today for a free consultation, (602) 344-9399.
