The IRS charges annual taxes based on the income you've earned, minus any tax-deductible expenses.
Taxes
Check how much you owe in the Econoview app on your BizPhone
Taxes are due at the end of each year (60 days, by default), as long as you've earned enough money that year. You will receive a text message from the IRS when your taxes are ready and you will have 20 days to pay them.
Tax Deductible Items
Business costs will be deducted from your taxes at the end of the year.
This includes
- Retail Appliance Stores & Office Supply Stores
- Interior Installation & Movers Fees
- Wages, Insurance, Rent, Marketing, & Recruitment
- Cost of Inventory
- Business Classes
- Delivery Vehicles & Transportation Costs
- Factory Supply Depot
Late Fees & Back Taxes
If you fail to pay your taxes on time, a 10% late fee will be added. You will be given 10 additional days to pay your late taxes.
If you still fail to pay your late taxes in time, they become back taxes. The IRS will begin seizing all of your vehicles daily until your back taxes are paid. You can pay off any remaining back taxes at the IRS.
IRS
Your taxes and back taxes can be paid by going to the following location:
- IRS