Business Tax Extension Loan

Do you need a business tax extension loan to pay taxes by an extension date and haven’t come up with the funds?   The tax deadline is next week!

Leverage the assets or cash flow of your business to pay the amount due by October 15th,  2020.   Several unique programs available, below now!

Apply Securely Now

 Call 919-771-4177 for more info.

 Apply above to: Pay IRS business taxes for the October 15th, 2020 extension. 

 Multiple Programs to get approved through. 
 Flexible criteria. 
  Fast funding and closing. 

Get a business loan to pay the IRS extension deadline of October 15th 2020

Need the money to pay the IRS October 15th deadline?  Get your business tax extension loan now!

Several relatively unknown programs available.  Due to this year’s July 15th, 2020 regular filing date, the extension period is reduced from 6 to only 3 months.   The October 15th, 2020 deadline has not been extended. 

1. Funding against the equipment your business owns. 

Businesses that have construction equipment or over the road tractor trailers can use their equipment to pay tax extensions.

You can get between 40% and 60% of the retail value of the equipment, depending on the year, make, model & condition.

Example: Your business owns a 2010 John Deer Front End Loader with a retail value of $60,000.    Based on a 40% Loan to Value, the offer would be $24,000.    The percentage will depend on the condition of the asset, maintenance records and the results of a site inspection.

A 60% valuation would give an offer of $36,000.    These ranges may vary from lender to lender.   The difference is that most lenders will not make this type of loan at all and it is also considered a specialty business loan.

Traditional banks will rarely make this type of loan.  When they do, they typically only offer approximately 10% – 20% of the value of the equipment and require real estate as part of the loan.

Therefore, if your business has to have money to pay the IRS extension amount and gets any offer close to that range, it should be strongly considered.

2. Funding against business property. 

When the IRS amount your business has to pay is high, then you may need to use business real estate.

The real estate will need to have at least 50% equity in order to have a chance to get the amount you need.    A 50% equity requirement seems like a high number.   Most lenders do not loan against 100% of the value of real estate and 65% to 85% is the maximum.

It is hard to qualify to get a loan to value higher than 70% or 75% of the appraised value.

3. Funding based on the cash flow of your business.

Another option is to fund against the cash flow of your business.  This may be the best option for businesses that are asset poor.

For Example: Your business has limited assets but strong annual revenues.  You need $25,000 to pay by October 15th,  and business annual sales are $300,000.

Based on getting approximately 50% of monthly sales, $25,000 X .50 = $12,500.     An average offer will be approximately $13K.    Offers in this example could range from $10K to $30K depending upon other factors.

Apply Securely Now

 Call 919-771-4177 for more info.


FAQ Business tax extension loan 

Can I get a loan to pay business taxes by October 15th ?

There are several programs your business can choose from to pay
October 15th, 2020 business taxes.    Consider programs based on your company assets or cash flow. 

What if we can’t pay the full amount of the extension?

Refer to your Accountant.   Typically,  accountants recommend filing the return, paying as much as you can and communicating with the IRS on a payment plan.  

What can we do if we don’t qualify for enough to pay for the October 15th extension?

You may qualify for more than 1 type of loan.  A 2nd type of loan may allow your business to get the extra amount needed to pay the IRS extension balance.

Conclusion

If you need a business tax extension loan to pay October 15th, 2020 quarterly taxes quickly, look at alternative solutions.

Getting a business loan approval when the use of funds is to pay business taxes is harder to get than for other reasons.   Look at less well known options mentioned above, including  based on assets and cash flow.

Leverage the strengths of your business to get as many options as you can.  The business loans you qualify for may not be the ones you prefer.   Be open to alternatives and your business has the best chance to get money to pay the IRS or State tax extension balance!

Open tax lien business loans – Get a resolution, today!

The place for businesses to put unpaid federal or state liens with, or without a payment arrangement, behind them.

Your business can choose from several options to get a business loan to resolve the debt, even with an open tax lien that has no payment arrangements.

Act now and resolve your business back taxes for good.

Apply Securely Now

 Call 919-771-4177 for more info.

DocuSign 30 Second Application here.

Open tax lien business loans

Program # 1:   Business funding based on the assets of the business.  If the business has over $10,000 per month in sales, they may be able to get a business loan based on their sales.

Commercial real estate with equity can also be used to payoff the open tax lien.   At closing the tax lien is paid off from the proceeds of the loan.   Another option is to use business equipment. Get capital based on business equipment.  Use the funds to payoff the tax lien.   These options can also be used to pay a tax lien that has a payment plan and also tax extension deadline balances.

Business loans with an IRS payment plan

There are several business loans that can be obtained for a business with an IRS tax lien that has a payment plan. A business can use the revenues of the business or the hard assets of the business.  This can be Real Estate or Equipment.

Business loans without a payment arrangement with the IRs.

A business that has a tax lien without a repayment plan can be financed.   Businesses needing immediate help can now quickly use their revenues or assets to get working capital or a business loan.  The process is fast and easy.   Up to 5 to 10 business days and just a one page application.

Resolve your open business tax liens with several quick programs.

Finally, other sources of information related to tax liens may be found at the SBA small business administration site.

FAQ on business and open tax liens

What is an open tax lien?

An open tax lien is a lien that has been filed by the irs or state government against a person or business that does not yet have a payment plan approved for repayment.

Can I get a business loan with a tax lien on my credit bureau?

There are several business loan options for businesses with a tax lien or open tax lien that are usually paid off at closing. Options are based on assets such as real estate or equipment as well as on cash flow.

Do I need an offer in compromise from the IRS before I can get a business loan?

A formal oic is usually, but not always needed. Real estate or equipment backed transactions may allow for payoffs of irs or state liens at closing. Smaller tax liens may not require an offer in compromise to close a business loan.

How do I know if I have a tax lien against me or my business?

Registered letters are sent by the IRS and state when liens are filed against you or your business. It will also appear on your credit bureau and against real estate you own. The county real estate office will have a record of liens against property.

Should I pay a tax lien if it has already been filed and damaged my credit?

Most lenders will not approve a personal or business loan with an active tax lien. Companies and vendors you do business with may be reluctant to enter into a contract with one on your credit file. The IRS also has the power to seize any of your assets without notice.