Taxes are basically the government’s means for providing you a safe environment in which to operate and roads to use. Without a proper highway system how would freight get from point ‘A’ to point ‘B’? The roads must be maintained and rivers crossed.
Source: www.truckertaxhelp.com
Keeping track of your taxes is very important. Just as a private person needs to be able to account for their money, so must a business. But it is a bit trickier for a business, because they have so many other guidelines and legal requirements to follow it can be really tough, but not impossible.
Unfortunately improperly handled taxes have ruined many a small business. Not actually the tax (though some will argue that) but rather the means by which they are tracked and paid out or more correctly not paid out. That’s right, if you don’t pay it can be a huge issue, penalties, fines, interest, and even seizure of assets, or worse jail!
Source: www.huffingtonpost.ca
Here are some famous people who have fought the tax man and lost:
- Willie Nelson (country music singer)
- Wesley Snipes (movie star/actor)
- Pete Rose (professional baseball player)
- Tom Coughlin (former vice chairman of Wal-Mart Stores Inc.)
And of course…
- Al Capone (the infamous gangster)
Take note of this, if the rich and powerful can get in trouble with the IRS, so can you. It is estimated that once the IRS makes a case they have a 90% conviction rate! So the last thing you want is to be on their bad side. Handle your taxes properly!
Source: www.nitramfinancial.com
But don’t worry; they are not completely heartless, no really… They review each case based on its own merits. When they come to audit they will go through all your records for a set period of time, and a make determinations based or your reporting and their findings.
