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No Excuses

Get informed so you can do your taxes right.

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This story appears in the June 2007 issue of Entrepreneur. Subscribe »

The IRS estimates that it gets shorted $290 billion by taxpayers each year. Guess who the agency most wants to pay up? Small businesses and the self-employed. The IRS attributes nearly 40 percent of its "tax gap" to underreported taxes owed by these groups.

In the proposed 2008 budget, the IRS has asked Congress for $73.2 million in new funding to beef up tax enforcement within the small business/self-employed sector. So now's the time to make sure you're paying all the taxes you owe.

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