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Related Articles


How to Launch a New Business Successfully
How Much Do You Need to Start Your Small Business?
Common Start-Up Expenses of Small Businesses
When Resources Are Not Enough: What Do You Do?
How to Raise Money to Start a Business

Recommended Books


J.K. Lasser's Taxes Made Easy for Your Home-Based Business: The Ultimate Tax Handbook for Self-Employed Professional, Consultants, and Freelancers
Home Business Tax Deductions: Keep What You Earn
It's How Much You Keep That Counts! Not How Much You Make.: The Ultimate Tax-Reduction System for Small & Home-Based Businesses 
Finance and Taxes for the Home-Based Business
Home-Based Business For Dummies ®
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What To Do with Unpaid Taxes? 

Q. What advice would you give for someone that hasn't keep up with their personal taxes and sales and usage taxes. Can you tell me what to do to get this straighten out. I only gross 10,000 a year in a really good year, but I'm not keeping my books like I should. - Michele

Advice by Nach Maravilla
Publisher, PowerHomeBiz.com

 

A. Dear Michele, 

As they say, there are only two sure things in life and those are Death and Taxes. I observed that you don't really make so much sales in a year and before you know it, you may even be exempt to pay your personal taxes. However, in this country, Tax Evasion is a crime and Failure to file your Income Taxes is subject to penalties. So, before the problem becomes greater than it is right now, I suggest that you consult IRS and your local authorities. Ask what they can do to help you solve the problem. You can visit the IRS website at http://www.irs.gov/ or call the nearest IRS office at your location.

If you are in business, sooner or later they may catch up with you and then your penalties may have gone sky-high. Go and tell them your predicament. Don't be afraid. They only want you to pay your taxes (if any) and if there is none, then you can go forward and start taking care of your books.

You are the only one who can straighten it out. Don't rely on anyone who will tell you that they can solve your problem and then charge you a lucrative fee. You might lose your money and still owe the taxes.

Good luck!

About the PowerHomeBiz.com Guide: 

Nach Maravilla is the Publisher of Power Homebiz Guides. He has over thirty years experience in sales and marketing of various products, which covered as he jokingly describes, "from toothpicks to airplanes"  He also had extensive experience in International trading and he always excelled in special promotional ideas for  retail outlets. 

The opinions expressed in this column are those of the author, not of PowerHomeBiz.com. Users should not treat the Guide's response as legal, accounting, or professional advice as all answers are intended to be general in nature. Such advice can only be properly given by qualified professionals who are fully aware of a user's specific geographical areas or circumstances, such as an attorney or accountant.

 

 
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