There are only two things that are absolutely certain in this world, death and taxes. If you own a small business, if the first of these is far from your thoughts, the second certainly is not. We all know that if you charge sales tax on your merchandise, you are a de facto tax collector for the state and, sometimes, county and local government where you do business. You are given a tax rate, 10.25% in Chicago, for example, and you have to pay that amount on your sales. You, in turn, pass that along to your customers. They pay you the tax and then, at an appointed time, you pay the government.
Ever wonder what would happen if you don’t pay up?
There are a lot of businesses out there that are running on empty. Revenues are down, costs are rising, the banks won’t lend and these honest, hardworking folks are at their wits end trying to keep the doors open. They need cash desperately so many of them miss making those tax payments, hoping that they can pay late, or cat... [Read Full Article]