The month of April brings the promise of spring weather, blossoming flowers and, of course, the annual visit from Uncle Sam wanting his cut of your profits. Outside of accountants and IRS agents, few people like tax season and the burdens it brings. Yet for better or for worse, nothing is more reliable than that year-after-year April 15 tax deadline.
“Do I Qualify for Factoring Receivables to Help Pay My Taxes?”
If you are like many of the thousands of business out there that owe the government back taxes, invoice factoring or account receivables factoring services can help. Depending on your business’s unique situation, a company can more than likely provide you with the money you need to pay your taxes on time.
“Do I Need Invoice Factoring, Can’t I Just Wait to Pay My Taxes?”
You can of course, and many businesses do. But if you delay and pay your taxes late, you will get hit with a hefty fine, depending on how much you owe, and how late you pay. Because the factoring receivables process is based on speed and efficiency, you can get your money in less than 24-48 hours in most cases. Even though you will have to pay an agreed upon fee (4-6%) to the factoring company, it is probably a lot less than you’d pay to the IRS.
“I Don’t Need Invoice Factoring Because the IRS Won’t Notice I Owe Them Money”
Never happens. No matter how small of a business you are or how little you may owe, the IRS, sooner or later, will figure out that you owe them money and they will do what is needed to collect it. So rather than run the risk of an audit or allowing fines to accumulate invoice factoring services enables you to pay on time.
So don’t spend your precious time and energy trying to avoid the inevitability of having to pay your taxes to the IRS. It is a futile pursuit that will only cause headaches and aggravation for all involved. Many invoice factoring companies have staff on-hand who is familiar with the issue of paying back taxes so they can work with you to make sure you meet your deadlines.
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