Are you a business with employees or self-employed? If so, then you should know about payroll tax relief. As a business owner, the government requires that you pay payroll taxes. You must pay payroll taxes on behalf of your employees. Typically, the taxes are submitted with your portion of the taxes. However, if you don't pay payroll taxes, the IRS can come after you. There's no way of beating around the bush here. If you don't pay taxes to the IRS, they consider it stealing. They will come after you for everything and anything you own. In other words, the IRS can seize your assets and take your property from you. However, that's what FinishLine Tax Solutions is here for. We help our clients with payroll tax debt relief. Our tax relief services can help you settle tax debt. Call us before you fight the IRS.
Why do I need payroll tax debt relief?
Payroll tax debt is similar to other types of tax debt. In other words, if you don't pay the IRS payroll taxes, you're in debt. Fortunately, we offer tax relief services that can help. Our team can help you settle tax debt, so you never have to speak to the IRS again. That's if, at least, you stay in good tax standing. Likewise, our team can ensure you remain in good tax standing. We offer tax debt relief services to prevent you from facing business seizures. The IRS can take drastic measures to collect your taxes. They can even threaten to close your business. You don't want that to man. Call us today if you're facing tax debt from not paying payroll taxes.
What are payroll taxes?
The amount you must pay the IRS in payroll taxes depends. For instance, it's a percentage of the salaries you pay out for your employees. Therefore, the more employees you have, the more payroll tax you will owe. There are two types of payroll taxes that exist.
- First, there is a payroll tax that you pay depending on your employees' wages. Payroll tax is also determined based on wages, salaries, and tips the employee gets.
- Second, there is a payroll tax you pay that's deducted from your employees' wages.
In the U.S., payroll taxes are also divided into three main categories:
- Federal income
- Social security
In other words, when you look at your paycheck you'll see money deducted from these three categories. Additionally, the federal government collects money for federal unemployment. Therefore, if you lose your job, you can collect unemployment.
What is Payroll Tax Debt Relief?
If you owe the government payroll taxes, you may need payroll tax debt relief. It's pretty easy to understand. Like your personal taxes, payroll tax debt increases when you don't pay taxes. Even if you close your business, you must still pay taxes. In this case, you should seek the help of a tax resolution services professional. Experts like those at FinishLine Tax Solutions can help you settle tax debt. If you owe payroll tax debt, a tax resolution professional can help you determine the best course of action. In other words, a tax professional can advise you on tax debt relief.
How does payroll tax debt relief work?
There are a few things that a payroll tax debt relief specialist can help with. First, the tax resolution services expert will negotiate a settlement for you with the IRS. Starting negotiations with the IRS can prevent further asset seizure. Next, a payroll tax debt relief specialist can help you reduce penalties and interest on your tax debt. For example, when you don't pay payroll taxes, interest and penalties accumulate. In other words, you end up paying more because of interest and penalties. A tax resolution services professional can get the IRS to lower the interest and penalties. Lastly, a payroll tax debt relief professional can minimize your economic damage by setting up a payment plan. Additionally, payroll tax debt relief specialists know your rights and will fight for them.
What if I don't pay my payroll taxes?
Not paying your payroll taxes can be a dangerous thing. Remember, the IRS is extremely aggressive in getting the money you owe them. They don’t really care if you'll end up in financial turmoil. If you owe them money, they will do whatever they need to get it. In other words, they won't hesitate to go after you for the money you owe. Furthermore, the IRS can even go so far as to criminally prosecute you if you don’t settle tax debt.
Benefits of payroll tax debt relief
There are many benefits to payroll tax debt relief. For instance, if you don’t pay payroll taxes, your interest and penalties accrue immediately. In other words, your debt will get much larger. Furthermore, the IRS can even threaten to close your business if you don’t settle tax debt. However, enrolling in a payroll tax debt relief program can stop this. It's imperative that you realize your financial wellbeing is at stake when you don’t pay taxes. Likewise, it's not only your business health but your personal wellbeing too. You are better off getting the help of a payroll tax debt relief specialist than handling it on your own.
Payroll tax debt relief options
When you owe the IRS taxes, you should try and pay right away. If you don't, things could get a lot worse for you. In other words, the IRS can threaten to close your business or worse. The worst part is they could even criminally prosecute you. Fortunately, there are ways to settle tax debt with the IRS, even for payroll taxes.
- First, you can use a payroll plan like an Installment Agreement. In this case, you can settle tax debt in affordable monthly payments.
- You may qualify for penalty abatement. In other words, the IRS may forgive some of the penalties on your account.
When deciding what payroll tax debt relief option to go with, enlist a tax resolution services professional. In other words, hire someone who knows what they're doing. You may be able to go up against the IRS on your own. However, we can't guarantee you will be successful.
Benefits of working with a payroll tax debt relief expert
There are many benefits of working with a tax debt relief expert. For example, they can determine if you qualify for penalty abatement. Additionally, a payroll tax debt relief specialist can determine if you qualify for penalty abatement. A payroll tax debt relief expert can also help you determine which payment plan to apply for. It's so important to apply for the right payroll tax debt relief program. It's a very important step to successfully settle tax debt.
How can I avoid payroll tax debt?
Before you need tax debt relief, you can also avoid tax debt altogether. First, you must deduct payroll taxes from each employee's paycheck. Additionally, you must pay the tax within three days of each pay period. Furthermore, employers cannot borrow from payroll taxes or lessen the amount they pay. The most important thing to do is ensure you're paying payroll taxes on time. In other words, remain in good standing with the IRS. Remaining in good standing with the IRS can help you avoid future tax debt problems.
How do I resolve unfiled payroll taxes?
If you have not filed payroll taxes, there are a few ways to resolve that issue. First, the most important thing to do is to take action right away. In other words, don't wait around for the IRS to contact you. Once the IRS contacts you, your situation is not going to end well. That is unless you get help as soon as possible. Next, you want to get current on your past tax returns. In other words, file the most recent tax returns first. Even if you don’t have money to pay back taxes, you should still file. If you can, set aside money to pay the amount of your current return first. Then, you can make payments on the rest. However, paying on some shows the IRS good faith.
Don't deal with the IRS alone
Another important thing to remember is not to deal with the IRS on your own. When attempting to settle tax debt, hire a professional. Furthermore, professional tax resolution services companies can help you with payroll tax debt relief. Whatever you do, avoid talking to the IRS on your own. You never know what the IRS could do. Agents can lie to you. Or, they may ask you leading questions about your employees and your business. Instead, hire a tax debt relief specialist to fight the IRS for you.
Need payroll tax debt relief? Call FinishLine Tax Solutions
Are you in debt with the IRS and can't pay your payroll taxes? If so, call the professionals at FinishLine Tax Solutions. We can offer the help you need to fight the IRS. Furthermore, we can make it so you never have to speak to the IRS again. Trying to settle tax debt on your own can be a daunting tax. Therefore, call us today so we can help. Don't fight the IRS on your own. Instead, let us do the heavy lifting for you.
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