Business Tax Resolution- Business Tax Help for San Antonio Taxpayers
Business owners of San Antonio barely have time to run their businesses, let alone keep track of income and expenses and report them accurately for tax purposes, with no prior tax training. With costs soaring and the economy still rebounding, we can’t all afford bookkeepers to keep this straight for us. So, it’s no surprise that many small businesses in the San Antonio-area have serious tax problems.
Business tax problems usually break down into these broad categories:
Payroll Tax Problems
Payroll tax problems are not uncommon. Sometimes business owners fall behind on their bills and use payroll tax money to pay for ordinary business expenses. This process of “robbing Peter to pay Paul” is the fast track to problems with the IRS. Failure to file a form 941 payroll tax form can be fixed by a tax accountant, but if you delay, you’ll get a visit from the IRS. Further, failing to pay your payroll taxes will lead to tax penalties, liens and eventually, asset seizures. If you have payroll tax problems, contact San Antonio Pure Tax Resolution today for a free consultation.
Worker Classification Errors
While you may think of your workers as independent contractors, they may legally be classified instead as employees, and thus you may owe payroll taxes on their wages. The question turns on how much of the employees workday and manner of performance you control. If you are unsure how to classify your worker consult IRS Form 22-8 “Determination of Employee Work Status for Purposes of Federal Income Tax Withholding” or call us today.
Sometime the line is blurred between personal and business related expenses, and this can lead to business tax problems. Of course, you can only deduct business expenses, not personal vacations, transportation, or home improvements. Moreover, the Internal Revenue Code imposes the burden on you to prove that you are entitled to the deduction; the IRS need not prove that you’re not entitled to it to prevail against you. So, for example, if you write off a portion of your auto expense, you better have a detailed log showing how your vehicle was used for business. Failure to do so subjects you and potentially your business to serious tax problems.
Contact us today for Business Tax Help
If you are business owner in the San Antonio-area struggling with business tax problems of any kind, we can help you get back on track. Take the first step today in resolving your tax problems by contacting San Antonio Pure Tax for a FREE consultation! (210) 526-0224