Any Tax relief on penalties?

talbot · Apprentice Joined: 29 Dec 2007 Posts: 7

I have recently been planning to start my first company. I hope it will work out all right. However, one of the key elements is planning taxes. Unfortunately, I was not so fortunate, and I got some penalties from the IRS. I would like to know if I can get some tax relief of them. Thanks in advance for any suggestions.

horten · Apprentice Joined: 24 Mar 2006 Posts: 6

I can only agree with you. Planning your taxes is one very important step towards your financial success. Running any business is always very risky and that is another reason why you have to plan carefully and wisely. First you need to know what kind of taxes you need to pay as a company. Since you got the penalty, that means something went wrong. There are several ways to get a relief. You have to request it with a detailed petition. You can be relieved if you have some reasonable causes, statutory exception, or if an error was made on the part of the IRS. You can get more info at http://www.sullivanconsulting.com/taxPenRelief.html.