Did Your Know -Average Small Business Tax Penalty

Small Business Average Tax Penalty

Did you know the average tax penalty small businesses pay to the IRS is $845?   According to the IRS 40% of small businesses pay this penalty for incorrect payroll filings and payments.  And…. the top 3 penalties for not making federal tax deposits timely are:

Failure to deposit — penalty % rates range from 2% for up to 5 days late, to 15% for more than 1 day after your first bill from the IRS.

Failure to File — penalty is 4.5% of unpaid tax per month, up to 22.5% of your unpaid taxes.

Failure to pay — penalty is 0.5% month of unpaid tax, then 1% per month after your Notice of Intent to Levy, up to 25% of your unpaid taxes.

We prepare tax returns as well as give 2^nd opinions.  Let us help you avoid any penalties.  Contact us today and we’ll help you keep the money in your pocket and not Uncle Sam’s.

Email: Arthur@theroartgroup.com