Top Tax Preparation Mistakes A Small Business MakesAll Articles
Top Tax Preparation Mistakes A Small Business Makes
Tax season is already a stressful time for most small business owners. Throw in some easily avoidable mistakes and it becomes a full-time headache. Overpayments, lack of tax knowledge, and costly penalties add unnecessary stress to small business owners which can lead to paying more than needed.
From accounting blunders to paperwork nightmares, small businesses can make a variety of mistakes. These can lead to not only overpaying and unnecessary penalties, but can actually leave money on the table. Every year, countless deductions are missed simply because most small business owners don’t know they exist.
Hiring a CPA can help clarify what your tax obligations are, where you’re losing money, and how to maximize tax season instead of fearing it.
CPA Can Help You Avoid These Tax Filing Mistakes
The U.S. Tax Code is over 74,000 pages. There are volumes of the possible mistakes small business owners can make. While it’s not expected that small business owners know these pages, a good CPA will make them work for you. A few of the more common tax filing mistakes a CPA can help you avoid are:
- Mixing Personal & Business Expenses - Personal expenses can’t be deducted if they’re not business expenses. Mixing the two can lead to extra confusion and time wasted.
- Taxable Income - The IRS is not forgiving when it comes to taxable income. If you’re not sure what counts as taxable income, you could open your business up to an unwelcome audit.
- Business Tax Obligations - If you’re not sure what your tax obligations are, you’re playing a risky game. A CPA can help clarify what your obligations are to prevent any surprises in the future.
Professional Business Tax Services In Ohio
If you’re a small business in Ohio, you should know that you may qualify for up to a 75% tax deduction on the first $250,000 of business income. Do you qualify? Our expert CPAs at BIG Financial know the Ohio tax laws inside and out and can find the deductions your business needs.
At BIG, we are consistently ranked as one of the top CPA & Tax Accounting firms in North Royalton and Cleveland. We offer a variety of services for small businesses including strategic business planning, business financing, and business mentoring. If you need reliability and experience, you’ll find it at BIG.
Save BIG by avoiding these key tax preparation mistakes.