Running a business is a lot of work. You enjoy what you do, but sometimes the less-exciting administrative tasks, like payroll and taxes, can feel burdensome. Your business is humming along and you’re excitedly drumming up business.
Then March 15th goes by and you’ve forgotten to file your taxes. You now owe the IRS back taxes. If running a business wasn’t hard enough, now you have the added stress of getting in trouble with the IRS.
The tax filing deadline for businesses is usually on March 15th or April 15th depending on your business type. Back taxes are those not paid by the deadline. If you owe taxes, there can be serious consequences to your business.