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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2310
Experience:  IRS licensed Enrolled Agent and tax instructor
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Can I pay taxes that I owe personally from my corporate bank

Customer Question

Can I pay taxes that I owe personally from my corporate bank account
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

It is not advisable to mix personal and business expenses, but there's no rule that says you cannot do it as long as you don't deduct it as expense on your corporate return.

Expert:  emc011075 replied 1 year ago.

And IRS doesn't care who pays the taxes, as long as it is paid. Just make sure you document it properly, get the bank statement, highlight he charge and keep it with other tax records.

Customer: replied 1 year ago.
How much are the interest and penalties per month? Is it a % of the amount owed?
Expert:  emc011075 replied 1 year ago.

There's failure to file penalty which is 4.5% for each month and failure to pay penalty which is 0.5% for each month, up to 25%. There's also interest compounded daily, currently 3%. The interest may change every 3 month, it is the same as federal short term rate.

Expert:  emc011075 replied 1 year ago.

Yes, interest and penalties are calculated from the amount you owe.

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