What will happen to my business if I do not pay my taxes on April 30th?
410526
Is this a serious question????  Come on man....you know that you have to pay your taxes, especially if you are self-employed.  Ignorance is not an excuse that will work in a court of law.....\n\nYou really need to know what you are getting into before running out and starting a business....really.....
803965
I'm amazed by some of the answers. You haven't had any income at all. What income are you going to report?? NO INCOME = NO TAX RETURN.
754424
I paid my property taxes with a check (from the credit card company) at a 5.9% rate.  I didn't have $1900 for mine and the $35 fee is less than the 10% I would have been charged.\nIf you have some of the money, you can use your credit card and pay that which you do have right away to the credit card company.  IE- pay $1100 on credit card and mail $500 to the credit card company.  This will help you get the balance down and not incur as much finance charge.  \nDon't forget you have another property tax bill due again on April 10, so if you don't have the first part paid off by then, you will be really behind.  \nYou might consider having an impound done so you are sure you have the money already set aside in the future.
476405
There are no penalties or interest charges if you do not file your taxes by April 17, 2006 when you have a refund coming or due you.  You have three years to file that return or forfeit your right to the refund, so I guess that would be a repercussion.  If you don't file the return within 3 years of the due date, you lose your refund!
437574
if you have a business and recieve checks, then that counts as income on your schedule C.  The payments to your workers are expenses on your schedule C so it cancels out.
294609
Don't file, unless they withhold taxes on ur paycheck.
920867
Time at home with the family because the overtime is going to be taxed at 30% and the difference on the paycheck will be very minimal.  Also, there will be very few customers and business will be sloooooow.  Time will go painfully slow.
285862
Your financial institution (stockbroker, for example) is required to report those transactions to the IRS. There is a bit of processing time involved, but the IRS would probably find out you failed to report income within two or three years (probably faster nowadays--I can only hope they've upgraded their computer system since I worked there). \n\nYou would receive a long letter from the IRS when the paperwork caught up. Your consequences could include some combination of negative credit reports, interest charges, failure to pay penalty, jail time, and seizure of your property, depending upon the amount of taxes you owe and how quickly and politely you cooperate and pay up. \n\nThey don't have to do it often, but I understand IRS raids are considered the best-run raids in federal law enforcement.
947334
Would depend on the nature of the mistake, but ultimately you're responsible for paying the correct amount of tax.  If you were billed wrong, then there shouldn't be penalties associated with not having paid the whole amount you should have, but if they bill you later for the balance, then you'd owe it.
251483
March 15th. You can get the extension if you file for it by March 15. FYI the extension is only for the return. If you owe money it is still due March 15. So you are responsible for any penalties for paying late.
1031441
If you don't pay the back taxes they will have to . Or get prove that all taxes are paid then take them to small claims court
295555
Yep, but depending on what state you're in anwhere from 25% to 70% will be deducted for fines, court fees, restitution and any other court ordered debt, such as child support or alimony.\nThe completion of a pending civil matter is not considered "Conducting business"
446927
Definitely call them.  Just because it is their fault they were late processing, they will still get ya for whatever they can think of.  Just like the IRS - they will come back years later finding a mistake on your tax return and they have the Ba l l s to stick you with late fees and interest for all the time it took them to object.
47976
yes, and you will want to do that as soon as possible. If you are getting a refund, there will not owe any penalties or fees. The big reason why you want to file them ASAP is because the IRS already has a list of all of your income. They get a copy of your W-2s when your employer sends you a copy so they know what you made. They do not know what your deductions are though, so in about 2 to 4 years they will send you a big fat bill for what they feel that you owe them (when actually they may owe you) Also if you do not file at all the IRS may assume that you are avoiding paying taxes and will likely audit you.\ngood luck\nBLU
99770
You don't need it.  Just claim the income on your 1040 and attach a signed note stating the business name, the amount, address of the business, and who was your contact there.  State that to your knowledge the business failed and you did not receive a 1099.  As long as you are honest and pay the required tax, that is all you are required to do.
725666
You are talking about filling out the W-4 at work, I'm assuming.  The more exemptions claimed, then the less tax they take out during the year.  But when you go to file (in April), if you claimed 2 during the year and you are single, you will most likely owe tax, and may be subject to a penalty.  Best to claim 0 now.  The best way to approach tax issues, is to come out even (i.e., no owe, or no refund).
279848
How much interest are you going to pay me and how do you plan to pay me if your business fails?