I have a small business and have not filed my taxes, I need help please....?

Question

I don't know how to fill out the tax form and I want to go to a tax expert can something like H&R Block help me with it How much do they charge for that service?
I know there is a 10% penalty for filing past the due date. How long can you go with out paying taxes I need about two months will the penalty rise every month?

My due date is today

If I go to a tax expert what do I need to present?

Answer 1

I work for a CPA/Tax Prep firm in MA, and won't say anything one way or another in regards to H&R Block, but I would recommend finding either them (they do tend to do less business though after the 15th, so you might have trouble finding an office that is open) or a local CPA in your area. Since it is past the 15th of April things should slow down for them. As far as the cost of the service, that all depends on how complex your return is. You can go forever without paying taxes, but the tax, and interest, and penalties will continue to rise until paid off. What you will need to bring to your preparer whether it's H&R Block or someone else is whatever you use to keep track of your business activity, hopefully you use some kind of accounting software, like quickbooks. Just to let you know if you are in the New England area, my boss is always looking for new business clients.

Answer 2

Don't Panic.

H&R Block should be able to help you, or you can go to a local CPA in your area.

Depending on how your business is registered, there are different rules, and penalties. If your business is a "Schedule C" then it is just part of your personal tax return.

There are different penalties, one for not fileing the return, and one for not paying your taxes. FILE YOUR RETURN ASAP since you can stop that penalty with just fileing even if you don't pay.

There will be a late payment penalty that will keep going until the bill is paid, but it is at a much lower rate than the failure to file penalty.

Answer 3

The best thing you can do is go to a tax preparer.

There will be penalties and interest, fo course.

But you have to clear the decks, and make a fresh start, to avoid further trouble. IRS can be nasty - aren't they always?

There are organizations who provide free tax help, but these are mainly for low-income people, so I don't think you'll get any relief there. Google the phrase " free tax assistance for business" and see what comes up.

Good Luck.

Answer 4

Your best bet is to go to a CPA. It'll cost you a few hundred dollars if you go to one who is on his own, probably more in a large firm. Depending on how complex your business and your return are, it could be considerably more. Take all of your records for your income and expenses. The more organized you have them, the less it will cost you, since the CPA will charge according to the time it takes him or her to do the work.

Penalties and interest will be added on for each month that you are late in filing.