The preparation of an annual income tax return is dependent on accurate bookkeeping throughout the year. A business is likely to have additional types of tax reporting requirements during each year. If you are the owner of a small business, your bookkeeping records can be relied upon to determine if you have reached any of the thresholds at which an information tax return is required.
An information return is different from an income tax return.
If you failed to pay taxes on your property or something else, then the government submits a tax lien to cover the taxes that you owe. This tax lien also shows up on your credit report, and it can easily damage your credit. To help, you may be able to get an old tax lien taken off your credit report. Below is more information about this so you can get started.
