There are 5 tax penalties and interest payments that plague everyone, but especially small business owners. Because when you're focusing on growing your business, the last thing on your mind is taxes, tax penalties, and tax interest payments. But we've got to talk about it and avoid it in 2023.
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Timestamps
Intro (0:00)
#1 - Failure to File (1:30)
#2 - Failing to Pay On Time (3:39)
#3 - Failure to Pay Taxes (5:15)
#4 - Getting a Refund? (6:06)
#5 - Owing Interest (7:30)
#6 - Waiting Too Long (8:32)
#7 - Penalty Waiver (9:30)
Important Note (11:10)
If you’re putting yourself at risk to IRS Tax Penalties in 2023.. Then you’re doing exactly that.
And I’ve been surprised at the number of people who have no idea how tax penalties and tax interest actually work.
I mean, I know people who are delaying filing their taxes, to get a $600 stimulus check…
This is crazy because the amount of money they are losing in tax penalties and interests can be more than that PLUS they may have to pay taxes on the stimulus check..
So anyway, it's clear to me that more people need to know about tax penalties in 2022, especially if you are a small business owner and need capital to survive.
So in this video, I’m going to talking about 5 major things you need to know about tax penalties.
We're going to discuss the common IRS tax penalties, when they apply AND how to avoid them.
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Disclaimer: The information provided in this video is for entertainment purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).