The rules are simply when it comes to Tax-Filing and Tax Compliance. America operates
a voluntary Tax-Filing and Tax Reporting system. That said, the IRS and STATES uses
penalties and interest charges to punish the offenders.
One of the largest IRS penalty is the Failure-To-File your Tax Returns on time. This penalty
can added hundreds if not thousands to a Tax Debt by NOT filing on time.
Further, if you're business is new and makes a loss the best way to preserved this loss and use
it to off-set future profits is by filing your Tax Returns.
Start this year by separating your personal expenses from your business expenses. Get separate
checking accounts. Pay yourself a salary and stay current with your estimated tax payments.
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