Your Best Options for Navigating Tax Season Tuesday, Jul 27 2021 

By Jacob Maslow–Branded Content

Trying to feel out the taxes for your small business is difficult enough, but once you finally figure out how much you owe, what do you do if you do not have enough cash flow to cover it? Don’t panic you have options. Several financial institutes offer a variety of small business loans. You will be able to find a loan that will work for your situation.

Using A Loan To Pay Off Your Small Business’s Tax Debt

When you owe a large lump sum for your tax debt you may not have enough liquid assets to cover it. If this happens you should immediately contact a financial institute and explore the great options that they currently have in business loans. Interest rates are incredibly low right now so you will be able to find a solution and a payment that can work for your small business.

Financial Institutes will offer several different options in small business loans but these are a few common loans that could help when it comes to covering your tax debt …

  • Business Line of Credit

No matter what type of company you own or what situation you are currently in, every business should have a line of credit open for emergencies. A line of credit is best explained as what would happen if a credit card and a checking account had a baby. 

This account offers your company access to a set amount of credit that will be charged a set interest rate on any rotating balance. Whenever the account has a balance it will also have a minimum balance due each month until the balance is zero.

To use the credit you use checks. You can take a check and cash it if you need cash or you can use the check to pay the person you owe directly. This is a great option for when you have an emergency and need access to cash quickly.

  • Term/Short-Term Loan

Term loans are the most common type of loans that are issued by financial institutes. These loans are for a set amount, with a set interest rate, and are to be paid within a certain period of time. 

If that period is shorter you will typically be offered a lower interest rate and you will pay less in financial fees. On the other hand, If the term is longer your interest rate and total financial fees may be higher, but your monthly payment will be lower.

Which one is better for your small business will be dependent on several factors. If you can not afford the higher payment it may be better to go with the longer term and just pay extra when you can.

  • Personal Loan for Business

If you are not able to get approved for a loan under the TIN for your small business the financial institution may offer this option. It will be a personal term loan that will go against your personal credit instead of your company’s credit. Only do this as a last resort. 

Paying Your Taxes Does Not Have To Include A Panic Attack

Take a deep breath in your nose and release it out your mouth. You know have a plan you are going to have no problem paying your taxes for your small business. Your financial institute will be able to match you with the best loan option for you.

If your company will qualify for a business line of credit you should go ahead and open one so the next time you have an emergency, you will not have to panic you will just write a check and have the peace of mind of knowing that everything will be ok.

Photo Courtesy of Jacob Maslow//Cosmic Press

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Under Budget Pressure, Metro Council Approves Property Tax Hike And Property Dispute Settlement Friday, Aug 23 2019 

As expected, property taxes will go up for Louisville homeowners this year, following a vote by the Metro Council on Thursday. That decision preceded a vote during the same session that committed the city to paying out a settlement over a bad public property deal.

With Louisville facing increased — and increasing — budget pressures, costs to taxpayers are likely to continue rising. And some Metro Council members are calling for more oversight.

Some of those higher costs will come in the form of moves like the property tax hike, a measure Mayor Greg Fischer’s office said his budget depended on to be balanced this year.

That will mean a $2.30 increase for a $100,000 house in Jefferson County, and an additional $3.90 for the same house in the Urban Services District. The change is expected to bring in another crucial $1.2 million for the city this year.

Mayor Greg Fischer accounted for that money in his budget proposal for this fiscal year, which cut more than $25 million compared to what was needed to maintain previous service and staffing levels. He said cuts would have been greater if property taxes weren’t raised to this level. Higher employee pension and healthcare costs drove the budget cuts, and are expected to continue rising in coming years.

But council members remain concerned about the cost of poorly-managed property deals to the city and taxpayers .

In a vote to declare the property at 814 Vine St. in Paristowne Point as surplus, Metro Council cleared the way for the city to pay a $150,000 settlement to a would-be developer of the land, which was previously promised to another group. The funds will come from carryover from the fiscal year 2019 budget of Louisville Forward, the city’s economic development agency, which struck the deal.

It’s the latest in a number of recent surplus properties that some Council members have criticized as costing the city, either directly through legal action or through lost revenue when properties were sold at discounts.

Councilman Anthony Piagentini (R-19) blamed Louisville Forward for improperly making a deal when there was already a lease for the property in place.

“We need to correct it and we need to take the leadership on oversight related to this department and what they’re doing so we have more visibility and more comfort to defend these decisions to our constituents,” he said.

He said the state’s economic development agency is subject to more oversight, and that Louisville Forward should get the same treatment.

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