Did you know that you can get in a lot of trouble if you don’t do your taxes right? This is the case for both individuals and companies. When you are an individual, you need to not only do your taxes each year, but you also need to pay the right money to the government. If you don’t do it right, then you could get in a lot of trouble with the Internal Revenue Service. This could mean hefty fines or even jail time depending on how bad what you did was.
For companies, there is payroll taxes and personal liability that needs to be accounted for. When you have employees working for you, you need to handle the payroll taxes. Not only is this money that you withhold from your employee’s paychecks, but it is also money that you pay the government from your company’s own money. These need to be paid so that you can handle the payroll taxes and personal liability.