Payroll Tax Debt Mistakes

*Start paying your current Federal and State tax deposits. Do not pay the past debt first.

* You have to be in compliance with filing all your business and personal tax returns. Even if you owe taxes. Otherwise, you will

owe a failure to file penalty of up to 25%

* Have your business and personal financial documentation up to date.

*Secure and always keep your bank statements.

* Keep all your receipts, invoices, and rental, lease agreements on hand.

*Proof of your business expenses paid and incurred. Logs with details of

"WHAT,WHEN,WHERE,WHY"ESPECIALLY for entertainment, travel and vehicle expenses.

All of the above is required in order to negotiate an installment agreement with tax agencies. Or, an offer in compromise.

Also, important for evidence in an audit

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