Filing taxes timely and correctly can not only help small businesses avoid unnecessary penalties but also save money. Errors range from not using the right business structure to missing deadlines to skipping estimated payments.
The necessity of focusing on customer acquisition and sales means taxes often take a back seat for small businesses. Many owners don’t think about taxes until the final days before taxes are due. Others get mired in the complexities of the process and end up accidentally violating tax codes.
The obvious problem is that these scenarios leave businesses vulnerable to late fees and may even trigger an IRS audit. Not to mention, paying late or paying incorrectly sends money and time down the drain.
Being cognizant of common mistakes can help you minimize tax-time stress. Get familiar with these eight frequent tax mistakes small business owners are prone to making.
