If you are a small business owner who owes back taxes, you might feel quite overwhelmed. You may be avoiding the IRS or hoping they won’t notice. Rest assured, even if they leave you be for a while, eventually, they will come for your payment, with penalties and interest to boot.

If you are worried about back taxes, a small business accountant in Gilbert can help. We offer thorough tax preparation services that can help you make the most out of your situation and avoid whatever penalties you can.

Consequences of Back Taxes

• The longer it takes you to pay your taxes, the more your tax debt grows, and it can quickly add up.
• If you are entitled to a refund, the IRS will hold onto it until you pay your past-due taxes.
• The IRS may have to create an assessment on its own of how much you owe. This is usually more than you anticipated, because they don’t account for deductions.
• The IRS may need to seize business assets to pay for your back taxes.
• If you’re self-employed, the income you earn while you still owe back taxes won’t be reported to Social Security, impacting your retirement savings.
• If you apply for financing that requires you to submit your tax returns, you may be denied a loan due to back taxes.

Hire a Small Business Accountant in Gilbert

Taxes can be complicated, and you want to make sure your business is set up for success in the face of back taxes. That’s why it’s best to hire an expert to help you. At BASC Expertise, we are happy to help small businesses who are in this position. If you are looking for a small business accountant in Gilbert, we can help. Contact us today to schedule an appointment.