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Will the October 15 final tax filing date bankrupt more small businesses?

 
Macatawa
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User ID: 758222
United States
10/02/2009 08:13 PM
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Will the October 15 final tax filing date bankrupt more small businesses?
The final date for filing the 2008 tax year extension this year is October 15, 2009. It appears that many businesses and individuals are in trouble and will likely fail to make their tax payment on this upcoming final date.

"These are anxious times for some small business owners who face an Oct. 15 due date for their 2008 income tax returns. These owners got extensions of the deadline for filing their returns back in April but aren't ready to file. Or, they can't pay the government the money they owe."
[link to www.google.com]

I am concerned that many small businesses that cannot make their tax payments may just throw in the towel and declare bankruptcy on or near this date. InkStop may be the first of many businesses to close their doors between now an October 15 because of the inability to pay their back taxes. I suspect many were hoping for a business turnaround this past summer that did not happen. This is not being talked about in the general mass media, but it definitely deserves consideration I think.
We are all agreed that your theory is crazy. The question that divides us is whether it is crazy enough to have a chance of being correct. Niels Bohr





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