Relief for Business Tax Problems - Tax Help for Milwaukee Businesses
The Milwaukee economy consists of a large amount of hard-working business owners that scratch and claw to maintain their business, and it's an unfortunate reality many businesses in the area find themselves struggling with crippling business tax problems. As a local business ourselves, we believe that the blood, sweat, and tears you put into your business should not be compromised by tax problems, as they can (and will) jeopardize the well-being of a business. Along with our many tax help specialties, Milwaukee Pure Tax works with a variety of businesses, large and small, to resolve tax debt and maintain healthy tax status.
Business tax problems tend to occur within these 3 categories:
Payroll Tax Problems
Payroll tax problems can lead to the seizure of your business’ assets by the IRS. When business’ experience slow cash flow, it may be tempting to borrow from the money set aside to pay payroll taxes. Payroll taxes are Trust Fund Taxes and if you don’t pay them, when due, you can be certain the IRS will do everything in their power to collect them, and will not sympathize with businesses that are delinquent with payroll taxes.
Worker Classification Issues - Employee or Contractor?
Your workers may or may not be independent contractors, and how you treat them for tax purposes can lead to IRS problems. If you classify your employees as contractors, when indeed the IRS or State regulations label them as W-2 employees, then you will owe delinquent payroll taxes on those employees. To make matters worse, you’ll owe penalties and interest because of the classification error.
Overstated Tax Deductions
If you overstate deductions or under report income on your tax return, it goes without saying that you will owe back taxes, as well as penalties and interest. Even if it's a mistaken oversight, you’re going to owe the IRS more money as opposed to paying scheduled quarterly estimates. The characterization of income and expenses can be very unclear. Whether you are currently experiencing back taxes and penalties as a result, or would like proper consulting to avoid overstated deduction problems, our business tax resolution experts can consult you in properly rectifying and preventing these issues.
Settle and prevent business tax problems
If you are an owner or tax representative for a business in Milwaukee and surrounding areas that would like to address your existing business tax problems, or take proactive steps to avoid tax complications, we are ready to speak with you today. For a free personal business tax consultation, call us today at (262) 299-6009.
The Pure Tax Resolution team