Can the stimulus package help save my step dads small business?
Tuesday, February 2, 2010 10:18Posted in category 2009 Stimulus Check
My step-dad owes $30,000 in taxes for his auto mechanic shop. His credit isn’t horrible but it also isn’t that great either. Does anyone know what he can do? Is there anyway he can receive some of the money from the stimulus package?
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nwohioguy says:
February 2nd, 2010 at 10:25 am
First off your step dad needs to pay his tax bills. He should never have allowed this to happen and should have managed his business better. As for the stimulus well that it is not for small businesses and he will not qualify for any government grants or loans as long as he owes back taxes. Sorry to say but if he cannot manage his business better than this then he maybe up the creek without a paddle.
arty_green_lady says:
February 2nd, 2010 at 10:42 am
Can’t he do up some cars to sell to cover the back taxes? Go to/phone an advice centre to make a plan to save the business.
Michael L says:
February 2nd, 2010 at 11:39 am
Taxes are a portion of the money you take in. Having a good accountant can help you prepare for and stay on track through the year for the payment of taxes, payroll, sales and corporate taxes.
But that is locking the barn after the horse has left. Your step-father needs to contact the taxing authority (IRS or local), or have his accountant do it (better idea) and work out some form of payment plan right away. Asking for money from the stimulus package (which is taxpayer funded) to cover the back taxes that your step-father owes is a slap in the face to the average guy in the street… don’t you think?