small business owner
How can I pay the taxes for a small busines when I hardly make enough to live every month let alone save for the yearly income tax. Can I claim personal bankruptsy as the stress is killing me?
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There is a very difficult truth that you have to face: if you aren’t able to generate enough income from the business to pay yourself and your taxes then you should close the business and go and work for someone else.
As much as we all hate them, taxes are a fact of life and a cost that must be paid. If you don’t pay your taxes there will be consequences sooner or later.
That being said, yes, you may file bankruptcy in order to eliminate your personal tax debt. If your business is incorporated and you are a director then filing bankruptcy will protect you from director’s liability too.
These are fairly complex issues and I suggest you use the links on the side of the page to find a trustee in your area to discuss your options.