Discharging Personal Income Taxes

When business is slow many business owners use all their cash flow to support their businesses by paying their employees, their rent and their suppliers. Business owners may go so far as to use up their personal savings to keep their business going in hard times.

Doing so can help the economy, save jobs and save the business from going under. However, for those business owners, and for commission workers with financial problems, slow business often means that personal income tax payments are put off until things get better.

We have recently seen major business and economy downturns, which have had lasting, long term negative impact on large and small businesses, and left business owners and commission workers owing significant past due personal income taxes.

Now the economy appears to be picking up and business in many sectors is improving, but the past due tax debts of some taxpayers are so large that it is unrealistic to think they can be paid off on top of the new taxes that are incurred each year, especially when you consider the interest and penalties that pile onto the past due taxes.

It was determined a long time ago that the economy would suffer if debts could never be discharged and people could not get a second chance. Walt Disney, Henry Ford, HJ Heinz and Charles Goodyear all filed bankruptcy and got a second chance. If you cannot reasonably pay your past due personal income taxes, you may be able to compromise or fully discharge your tax obligation, and you may be able to keep your small business.

Please contact me to discuss your individual tax compromise and discharge options.