{"id":5203,"date":"2021-11-15T12:31:00","date_gmt":"2021-11-15T18:31:00","guid":{"rendered":"https:\/\/web.blockadvisors.com\/?p=5203"},"modified":"2024-05-15T15:09:03","modified_gmt":"2024-05-15T21:09:03","slug":"small-business-back-taxes","status":"publish","type":"post","link":"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/small-business-back-taxes\/","title":{"rendered":"5 reasons to file small business back taxes"},"content":{"rendered":"\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fwww.hrblock.com\/tax-center\/irs%2Faudits-and-tax-notices%2Fself-employed-file-back-tax-returns%2F\" target=\"_blank\"><\/a><a href=\"https:\/\/twitter.com\/home?status=https%3A%2F%2Fwww.hrblock.com\/tax-center\/irs%2Faudits-and-tax-notices%2Fself-employed-file-back-tax-returns%2F\"><\/a><a href=\"https:\/\/pinterest.com\/pin\/create\/button\/?url=http%3A\/\/www.hrblock.com&amp;media=https%3A%2F%2Fwww.hrblock.com\/tax-center\/wp-content%2Fuploads%2F2013%2F03%2Fshutterstock_758942594-2-667x450.jpg&amp;description=\"><\/a><a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&amp;url=https%3A%2F%2Fwww.hrblock.com\/tax-center\/irs%2Faudits-and-tax-notices%2Fself-employed-file-back-tax-returns%2F&amp;title=&amp;summary=&amp;source=\"><\/a>Small business owners have more complicated tax obligations than people who earn wages as employees. You have to account for and report your own self-employment income on your tax returns, for one. And more importantly, you have to pay <a href=\"https:\/\/web.blockadvisors.com\/quarterly-tax-payments\/\" data-type=\"post\" data-id=\"1841\">quarterly tax payments<\/a> throughout the year. That\u2019s because you don\u2019t have taxes withheld from your paychecks like employees.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large\"><img decoding=\"async\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/\/wp-content\/uploads\/2021\/10\/Filing-back-taxes-1.jpg\" alt=\"filing back taxes\n\"\/><\/figure>\n<\/div>\n\n\n<p>Some small business owners don\u2019t know they need to make estimated tax payments \u2013 which can mean a tax bill in April. If you deal with this issue by ignoring it and not filing a return, your problem will only snowball, with IRS&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/irs-penalties\/\">penalties<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/three-ways-remove-irs-interest-tax-bill\/\">interest<\/a>&nbsp;piling up. <\/p>\n\n\n\n<p>If you\u2019re in this situation, you should know about these five consequences if you don\u2019t file small business back taxes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-consequences-of-not-filing-back-business-taxes\">Consequences of not filing back business taxes<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-if-you-don-t-file-your-tax-returns-the-irs-can-prepare-a-return-for-you\">1. If you don\u2019t file your tax returns, the IRS can prepare a return for you.<\/h3>\n\n\n\n<p>This may sound kind of nice, but it\u2019s not.<\/p>\n\n\n\n<p>An IRS-prepared return is called a&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-substitute-return-sfr\/\" target=\"_blank\" rel=\"noreferrer noopener\">substitute for return<\/a>. The problem with substitute returns is that the IRS won\u2019t prepare them with any benefits for you. So, for example, if you\u2019re self-employed and need to deduct business expenses, the IRS won\u2019t include those deductions on your substitute return.<\/p>\n\n\n\n<p>In most cases, you\u2019ll owe a lot less in taxes on the return you file than the one the IRS files \u2013 so file as soon as possible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-not-filing-a-return-will-only-make-the-issue-worse\">2. Not filing a return will only make the issue worse.<\/h3>\n\n\n\n<p>A common mistake for many independent contractors who owe taxes is to just not file \u2013 hoping they can catch up later, when they\u2019re in a better financial position to pay the taxes. This strategy only makes matters worse.<\/p>\n\n\n\n<p>Here\u2019s how not filing a return grows into more problems:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>First, it can lead to unpleasant IRS enforcement.<\/strong>\u00a0When you don\u2019t file, the IRS starts sending notices asking you to file. If the IRS thinks that you owe significant amounts, the IRS can send an agent to visit you (called a\u00a0<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-revenue-officer\/\" target=\"_blank\" rel=\"noreferrer noopener\">revenue officer<\/a>).<\/li>\n\n\n\n<li><strong>Second, if you owe, filing late can mean significant penalties to your tax bill.<\/strong>\u00a0The\u00a0<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-failure-file-penalty\/\" target=\"_blank\" rel=\"noreferrer noopener\">penalty for not filing a tax return<\/a>\u00a0is basically 5% per month of the tax balance you owe, up to 25% of the balance you owe. If the IRS says that you fraudulently failed to file (meaning you knew you needed to file but intentionally didn\u2019t), the penalty increases to 15% per month, up to 75% of the taxes you owe.<\/li>\n<\/ul>\n\n\n\n<p>The best move: File your return on time to avoid these penalties, and file back tax returns as soon as possible to minimize the penalties.<\/p>\n\n\n\n<p>Be sure to include all the expenses, deductions, and credits you qualify for. If you owe and can\u2019t pay, the IRS will work with you on payment plans or other alternatives. But don\u2019t add to the problem by not filing and running up additional tax balances. Also, to avoid filing and owing in the future, set aside funds and start making estimated tax payments.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/unfiled-tax-return\/\">Learn how to file back tax returns.<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-if-you-owe-and-don-t-make-arrangements-to-pay-the-irs-the-irs-can-take-all-your-self-employment-income-to-pay-back-taxes\">3. If you owe and don\u2019t make arrangements to pay the IRS, the IRS can take all your self-employment income to pay back taxes.<\/h3>\n\n\n\n<p>There\u2019s an entire IRS department dedicated to people who make their living in ways other than earning wages as an employee: the IRS Small Business\/Self-Employed department. This department has a collection function with the power to enforce return filing,&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-levy\/\" target=\"_blank\" rel=\"noreferrer noopener\">levy your income or assets<\/a>, or&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-federal-tax-lien\/\" target=\"_blank\" rel=\"noreferrer noopener\">file a tax lien<\/a>&nbsp;on your property.<\/p>\n\n\n\n<p>Self-employed people are more likely to owe taxes than wage earners. Because of that, the IRS is more likely to enforce the filing of a late return for self-employed people.<\/p>\n\n\n\n<p>If you make wages, like an employee, the IRS can take (or, \u201cgarnish\u201d) up to 85% of your paycheck (which is a lot!). But, if you earn self-employment income, the IRS can garnish (or, \u201clevy\u201d) the entire amount. And \u2014 the IRS could keep taking your earnings until you file your back tax returns and pay the taxes you owe.<\/p>\n\n\n\n<p>Once you file your return, know that the&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/what-if-i-cant-pay-taxes\/\">IRS offers several payment options for people who can\u2019t pay all their taxes at once<\/a>, including monthly payment plans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-unfiled-returns-can-lower-your-future-social-security-benefits\">4. Unfiled returns can lower your future Social Security benefits.<\/h3>\n\n\n\n<p>Self-employed people (including independent contractors) must pay their own self-employment tax. This tax consists of Social Security and Medicare tax. So, to be eligible for Social Security benefits when you retire, you must have worked and paid Social Security taxes for a certain amount of time.<\/p>\n\n\n\n<p>If you haven\u2019t filed returns and paid self-employment tax, your earnings for those years won\u2019t get counted toward your future Social Security benefits. This can have a huge impact on your future income and quality of life.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-you-may-need-tax-returns-for-other-financial-or-personal-reasons\">5. You may need tax returns for other financial or personal reasons.<\/h3>\n\n\n\n<p>If you\u2019re applying for a personal or mortgage loan, chances are you could be asked to provide copies of tax returns as proof of your income.<\/p>\n\n\n\n<p>Self-employed people and independent contractors often have to provide this information because they don\u2019t have Forms W-2 or paystubs to verify their income. In other examples, you may need to provide a copy of your return for divorce or child support hearings \u2013 not an ideal time to point out that you have not filed your returns.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-get-back-on-track\">Get back on track<\/h2>\n\n\n\n<p>Any taxpayers with back tax returns will be better off filing them as soon as possible. That can limit penalties, interest, and other IRS problems.<\/p>\n\n\n\n<p>To get back on track, you\u2019ll need to gather your tax information, including all your self-employment income and expenses, to file your return. Also, if you owe taxes or you\u2019re facing IRS scrutiny, you\u2019ll need to make plans to pay your tax bill by setting up a payment plan or other alternative with the IRS. You\u2019ll also need to deal with the IRS directly to avoid additional enforcement, like liens and levies.<\/p>\n\n\n\n<p>If you have trouble getting your old&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/form-1099\/\">Forms 1099<\/a>&nbsp;and other tax documents, the IRS can help by providing you the information statements (Forms W-2,&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/what-is-1099-misc-form\/\">1099-MISC<\/a>,&nbsp;<a href=\"https:\/\/web.blockadvisors.com\/1099-nec\/\" data-type=\"post\" data-id=\"3965\">1099-NEC<\/a>, etc.) under your taxpayer identification number. This list is called a&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-wage-income-transcript\/\" target=\"_blank\">wage and income transcript<\/a>.<\/p>\n\n\n\n<p>You may also qualify for&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/four-types-penalty-relief-know-whats-best\/\">penalty relief<\/a>&nbsp;through special IRS waivers such as first-time abatement, which can remove penalties for filing and paying late if it\u2019s your first offense. Other penalty-relief options may also be available based on your special circumstances.<\/p>\n\n\n\n<p>You may want to use a tax professional to file back returns and deal with the IRS. Tax professionals can&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-authorization\/\" target=\"_blank\" rel=\"noreferrer noopener\">file an authorization<\/a>&nbsp;to deal with the IRS directly on your behalf, file your back tax returns, and resolve any related issues.<\/p>\n\n\n\n<p>For this year\u2019s return, whether you file <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/online-tax-filing\/\">small business taxes online<\/a> or with a tax pro, be sure to add <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/tax-pro-services\/small-business-tax-audit-support\/\">Business Tax Audit Support<\/a>&nbsp;to your return&nbsp;for an extra nominal fee. That way, if you receive an IRS notice later, the Block Advisors team can do the heavy lifting to review, research, and respond on behalf of your small business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Small business owners have more complicated tax obligations than people who earn wages as employees. You have to account for\u2026<\/p>\n","protected":false},"author":1,"featured_media":6161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1237,1171],"tags":[],"class_list":["post-5203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manage-your-business","category-small-business-tax-prep"],"acf":[],"yoast_head":"<title>Small Business Back Taxes - A Guide | Block Advisors<\/title>\n<meta name=\"description\" content=\"Block Advisors shares five reasons why you should file small busines back taxes. 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