Pit & Quarry, February 2019
While unpaid tax bills can break the bank at your company aggregate producers can employ a number of strategies ahead of time to avoid interest and penalties CHARGE IT There are a number of advantages to paying taxes using either a personal or business credit card including the fact that it is convenient An aggregate business or its owners can file early and make payment by credit or debit card Later payment of the credit card bill delays the out of pocket expense Credit card loans are likely to carry high rates of interest interest that in most cases is not tax deductible except by the aggregate operation or business Also be mindful that not all IRS tax forms are eligible for payment with credit or debit cards Federal tax deposits for example cannot be made using the credit card option Furthermore amounts not properly deposited may be subject to a 10 percent penalty for failure to deposit through an authorized financial institution or the IRSs Electronic Federal Tax Payment System Although the IRS does not receive or charge any fees for card payments service providers charge convenience fees While the IRS cannot pay or reimburse any convenience fee to taxpayers service providers convenience fees are tax deductible business expenses This year all three of the authorized payment processors accept payments using digital wallet services All three accept American Express Checkout and Visa Checkout while Pay1040 com and PayUSAtax com accept Mastercards MasterPass PayUSAtax com also accepts Android Pay and Samsung Pay Credit card payment of taxes has long been touted as a way for individuals to earn rewards such as frequent flyer miles Failure to pay taxes by a deadline usually results in a penalty of half of 1 percent of the unpaid taxes Still card issuer rewards are usually only 1 percent of the amounts spent while the third party convenience fee could top 2 percent Before using plastic to pay tax bills compare the cost with other options such as an IRS installment agreement INSTALLMENT AGREEMENTS The IRS will often accept installment payments for some tax debts Generally the IRS allows taxpayers to make installment payments on the taxes owed if 25000 or less In fact the IRS is required to enter into a guaranteed installment agreement where the tax liability is 10000 or less not counting interest and penalties If more than 25000 is due other payment plan options exist although the IRS must first determine eligibility Unfortunately the cost doesnt stop there Even with an installment Metal Detectors Protect your Crushers from Damage Caused by Tramp Metal Come visit us in booth 38020 at AGG1 PROTECTOR HD METAL DETECTOR Heavy Duty 1 4 Steel Construction Digital Signal Processing Touchscreen Controls WWW ADSDETECTION COM 414 672 0553 A Sister Company of Milwaukee WI USA pitandquarry com February 2019 PIT QUARRY 97
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