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Can I pay taxes that I owe personally from my corporate bank

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Can I pay taxes that I owe personally from my corporate bank account
Submitted: 2 years ago.Category: Tax
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Answered in 1 minute by:
11/7/2015
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,339
Experience: IRS licensed Enrolled Agent and tax instructor
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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.

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Tax Professional: emc011075, Tax adviser replied 2 years 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.

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Customer reply replied 2 years ago
How much are the interest and penalties per month? Is it a % of the amount owed?
Tax Professional: emc011075, Tax adviser replied 2 years 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.

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Tax Professional: emc011075, Tax adviser replied 2 years ago

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

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