Sore shoulders from carrying around the weight of your tax debt? When it comes to taking care of your finances at tax time, you can often be left with more questions than answers. Tax matters aren’t always black and white so as a self-employed worker or small business owner, it’s your responsibility to plan ahead and keep on top of your finances throughout the entire financial year. We’ve heard many stories, both basic and complex, yet for the most part, there are four reasons why people end up with tax debt. Check them out below and our tips on how to avoid it in the future… You Didn’t Pay The Debt When It Occurred Tax debt can mount up very quickly if it is not managed consistently and correctly. Most penalties and interest can virtually double in size over as little as 3-4 years. To assist, the ATO has measures and tools in place to help individuals and businesses avoid tax debt. One of those measures includes quarterly payment installments, giving you the option to pay as you go. Paying your tax debt on time is crucial to ensure late penalties and interest is avoided. You Didn’t Make Enough Money … Continue reading Reasons Why You Have Tax Debt