According to the U.S. Small Business Administrators, small businesses account for more than half, or 54 percent, of all U.S. businesses. What's more, an estimated 55 percent of U.S. employees work at one of the 28 million small U.S. businesses. The vast majority of small business owners work hard to ensure for the profitability of their companies and prosperity of their employees. In doing so, they must also ensure that they are compliant with the varied and complex business and tax-related laws, regulations and restrictions.
Tax advice for the self-employed
When it comes to taxes, individuals who are self-employed often have a lot of questions and concerns. An individual who is classified as an employee of a company is likely aware that taxes are withheld from each paycheck, however, an employer picks up half of the tax-related costs to fund programs like Social Security and Medicare. For a self-employed individual, he or she is 100 percent responsible for paying these tax costs.
Tax liens and the far-reaching credit score implications
Many taxpayers who struggle with tax debt problems are also married and have children. In a previously blog we discussed IRS tax liens and situations that may result in a lien being issued against a taxpayer. For example, the IRS may take action to impose a lien against an individual's home, motor vehicle, bank account or business assets if he or she fails to pay tax debt.
