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Plus, the state tax surprises you didn’t see coming and your options for getting back on course.
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Most business problems tend to stay within the office. But business taxes love to travel, sometimes even skipping state lines and bringing back unwanted souvenirs in the form of unexpected state tax bills.
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This week, we’re digging into what happens when you don’t file or pay, the state tax obligations you may not even realize you have, and the resolution options that can help when you need more than a quick fix.
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👎 If you’re hoping your tax bill goes away, the IRS has other plans. Here’s what can happen when business taxes aren’t paid.
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📍 Your business has a tax footprint. And it may be bigger than you think.
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🗺️ Your tax debt may be nonnegotiable. How you deal with it isn’t.
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Follow us for even more great tips, tricks, and deadline reminders.
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The Basics
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👎 Why putting off your taxes is bad for business
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The Quick & Bristly: Penalties and interest are only the beginning when it comes to putting off your business taxes. The longer you wait, the more serious collection efforts can get – and in some cases, even your personal assets may be at risk. The sooner you deal with it, the less involved the IRS has to get.
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When you’re running a business, it’s pretty easy to convince yourself that you’ll get to your taxes tomorrow. Or the next day. Or after you’ve done the 43 other things that are demanding your attention.
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But while you’re busy avoiding your taxes, they’re busy getting more expensive. Wait long enough, and the IRS can go after your business’s money and property – and in some cases, your personal assets.
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The price of waiting it out
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“I’ll do it tomorrow” is a great strategy for cleaning out the office fridge. But for your taxes? Not so much. The IRS can penalize you for filing late and paying late. Meanwhile, interest has also snuck into the chat, adding even more to your tab. Being late with your taxes comes at a steep price.
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Exactly how steep? While penalties vary by legal status, let’s look at a quick example. For a 2025 partnership return, the late filing penalty is $255 per partner for every month (or partial month) that it’s late. Suddenly, doing your taxes moves up higher on the priority list.
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The big takeaway here is that if you can’t afford to pay, file anyway. Filing and paying are two completely different obligations, so skipping the return only adds to your list of problems. And if you got an extension? You have more time to file, but your payment was due in April.
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The IRS has ways of getting your attention
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A tax bill that never seems to stop growing is one thing, but it can get a lot more uncomfortable once the IRS starts looking for other ways to collect. (And trust us, it will come to collect.)
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Failing to meet your tax obligations can put your business’s property, bank accounts, and even money owed by your customers in the line of fire.
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Find out what happens when the IRS stops sending letters and starts collecting.
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PRESENTED BY TAXQUOTES
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Business taxes piling up? You have options.
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Ignoring the balance doesn’t make it smaller — it just gives the IRS more time to get more aggressive about collecting it. TaxQuotes helps business owners get back on track, one step at a time, starting with a clear picture of where they stand.
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The Deep Dive
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🗺️ The business owner’s tax debt escape route
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The Quick & Bristly: Owing the IRS doesn’t mean you have to cough up the whole balance immediately. From payment plans to offers in compromise, there are ways to deal with business tax debt – even if paying it all at once isn’t remotely in your budget.
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Owe the IRS $20,000 but could pay it off with a little more time? That’s one problem. Owe $20,000 and have about $15.69 to spare every month? That’s a very different problem. Fortunately, the IRS knows that, too. And your options depend on exactly what kind of tax problem you have.
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Need more time to pay?
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If you can pay over time, an IRS payment plan for your business may offer the relief you need. Businesses owing $25,000 or less may qualify for a Simple Payment Plan. The limit increases to $50,000 for certain businesses without trust fund tax debt and qualifying sole proprietors.
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If you don’t qualify, other payment plans may be available. And because the IRS doesn’t play around when it comes to tax debt, penalties and interest continue to accrue until the balance is paid.
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Can’t afford the full amount?
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An offer in compromise (OIC) may let you settle your tax debt for less than the full amount. Unfortunately, this isn’t a name-your-price situation. The IRS considers your income, expenses, assets, and ability to pay before approving your offer and recommends exploring other options first. Lump sum and periodic payments may be available.
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Can’t pay anything right now?
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If paying your tax bill would leave you unable to cover basic living expenses, the IRS may temporarily classify your account as Currently Not Collectible (CNC).
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Think of CNC as hitting pause, not delete. Collections stop temporarily, but the debt, penalties, and interest do not. The IRS can also revisit your finances later.
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Stuck with penalties?
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You may be stuck with the tax bill, but you might be able to show some of those penalties the door. The IRS’s new Automatic Exemption from Penalty (AEP) program automatically removes failure-to-file, failure-to-pay, and failure-to-deposit penalties for eligible taxpayers with a good compliance history. If you don’t qualify, reasonable-cause relief may be an option.
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Some tax debt is manageable on your own. But if you owe a significant amount, have years of unfiled returns, or aren’t sure which option is best for you, now is the time to call in a tax pro. The goal is to choose a solution you can actually afford, not dig an even deeper tax hole while trying to climb out of the first one.
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Never fall behind on payroll taxes again
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Gusto calculates, files, and pays your federal, state, and local payroll taxes automatically, so nothing slips through the cracks while you’re busy running the business. One less tax problem that can turn into a bigger one down the road.
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