If you ever run short of money there are two places you should never, ever go for a loan.
- Your friendly neighborhood loan shark. Miss a usurious payment and you could get your legs broken. Ouch!
- The payroll-tax money you’ve withheld from your employees. Borrow just a little and Uncle Sam will break your legs. Maybe not literally, but you will suffer tremendous pain.
Nope. Even though borrowing from that treasure trove of accumulated tax money is tempting, don’t do it! You’ll find out why when you read my new article titled Tax Tips: Fatal Place to Borrow Money.
Three ways our fact-filled article can help you:
- You’ll learn why you have to leave payroll-tax money alone. To put it simply, borrowing from payroll-tax money is theft. When you or your corporation withhold tax money from your employees, you are acting in a fiduciary capacity and must send that money to the government… and on time. You’ll get all the details when you read the full article.
- We’ll explain the consequences of doing a little “borrowing.” Your failure to forward the money to the government can trigger a 100% penalty. And of course, as with all late payments, the IRS charges interest. We’ll give you all the painful facts when you read the full article.
- We’ll tell you how to stay out of trouble. There’s an easy, foolproof way to comply with the law that we’ll explain in detail. You’ll get this important information, designed to keep you out of hot water, when you read the full article.