” ‘Cause I’m the tax man,
Yeah, the tax man.”
Well, here we are in June and I’m reminding you of the unpleasantness of taxes via the lyrics of the late George Harrison. Thought you were over that tax hump, huh?
I’m only reminding you because G. M. Filisko reminded me in a piece over at Bankrate.com. The article provides 6 methods that small business owners can utilize to pay the IRS for taxes due. Some of them are what you would expect to hear like “take out a home equity loan” or “put it on your credit card.” Great, just what we need…more debt!
But, wait a minute. There it is at #6. “Sell your receivables.”
Now that is novel. A small business owner avoids incurring more debt by leveraging existing assets. Seems to me that all we hear is that we are in this mess because we have incurred too much debt and saved way too little. But by factoring receivables, the small business owner can pay off “the man” and keep the business afloat at the same time. No debt. No payments. Complete solvency.
Small business factoring can address a variety of debt and cash flow scenarios. Even Mr. Harrison might take advantage.
“And my advice to those who die,
Beware the pennies on you eyes.
‘Cause I’m the tax man,
Yeah, the tax man.”
