As a small business owner, taxes are an inescapable part of your life. While you may be aware of the need to pay taxes, one area many business owners overlook is paying themselves a reasonable salary from their corporation. If the IRS finds out that you are not paying yourself a salary, they can come after you and your business and possibly start an audit. Learn how to protect yourself and your business from being audited by the IRS.
The Need for a Reasonable Salary
The first step in making sure you are compliant with the IRS is setting up a reasonable salary for yourself from your corporation. This is important because if you don’t set up a reasonable salary, there can be serious consequences for both you and your business—including audits and fines from the IRS. A reasonable salary looks different depending on your industry and type of work, but it should generally reflect what other people in similar positions make in similar companies.
Tax Debt Consultants
If you feel like you are not sure where to start when it comes to setting up a reasonable salary or dealing with any other tax-related issues, Tax Debt Consultants (TDC) can help. TDC offers comprehensive services that can help small businesses like yours comply with all applicable tax laws so that you stay on the good side of the IRS at all times. We can help you in tax planning for your corporations so that owners are compliant with all applicable tax laws, as well as negotiating with the IRS if they have already started an audit process against your company or individual finances. With our expertise, we will make sure that you remain compliant and help reduce any fines or penalties associated with noncompliance.
Avoiding Audits
No one wants to deal with an audit from the IRS—it takes time away from running your business, plus there’s always the potential for hefty fines if something isn’t right on your part. That’s why it’s so important to make sure everything is set up correctly before submitting any forms or paperwork to the IRS, including making sure that you have set up a reasonable salary for yourself as part of doing business through your corporation. Taking these steps now will save you time and money down the line by helping ensure that everything is done correctly before submitting paperwork to avoid any unnecessary headaches later on down the road.
Conclusion:
No matter what stage of life or type of business you’re in, making sure everything is done correctly when it comes to taxes is paramount—especially when dealing with corporations where multiple individuals are involved or there’s potential for personal liability as well as corporate liability should something go wrong during an audit process from the IRS. That’s why Tax Debt Consultants exists—to take out some of the guesswork associated with taxes for small businesses like yours so that things run smoothly when filing taxes each year without having to worry about whether or not everything was done properly according to applicable tax laws and regulations. Let us help take some of the stress out of dealing with taxes so that you can get back to running your business!
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