twitterfacebookgooglerss

3 Common Mistakes Business Owners Make at Tax Time

3 Common Mistakes Business Owners Make at Tax Time

The prospect of filing tax returns can be as anxiety-inducing for small businesses as exams are for students. The stakes are high, small errors can have major consequences, and thorough preparation is the key to success. You can reduce your stress this reporting season by steering clear of some of the more common mistakes.

Foregoing a Tax Specialist

By being organized ahead of time, you can save yourself a lot of worry. If you have any concerns about getting your documents in order, hiring a tax professional could significantly ease your burden. Not using an appropriately qualified accountant is a decision you may come to regret. The money you think you’ll save by foregoing a tax accountant will ultimately seem trivial if an oversight raises the suspicions of the Internal Revenue Service (IRS).

Even business tax computer programs can get it wrong. Your business has individual, specific characteristics that may not be intuited by software. An accountant will help you ensure you don’t miss out on applicable claims or deductions and that you report your earnings correctly. It is advisable to select a tax professional who specializes in your industry. Ask for a referral from a trusted colleague if you’re unsure about who to consult.

The important thing to consider is that if you submit a tax return misrepresenting your company’s earnings or wrongly claiming personal expenses as business-related, you could face serious penalties and spiraling interest fees. Having an accountant on your team could substantially decrease your risks.

Failing to Be Informed

Don’t be frightened into complacency. Research your legal financial responsibilities on your own or seek advice from an accountant. While the Internal Revenue Service (IRS) does take punitive measures against transgressors, it recognizes a difference between unintentional and willful tax evasion. Pleading ignorance is not generally a successful defense tactic. But the IRS is known to look more kindly on inadvertent errors. Choosing not to declare an offshore account or conducting large transactions in cash, however, might attract the wrong type of attention.

Letting Pride Get in the Way

If you’re struggling with a large tax debt, assistance is available. You might be too proud to ask for help at first but once you do, it could save your business. The IRS Fresh Start Tax Relief Program aims to lighten the load on citizens and small businesses experiencing economic hardship.

The initiative offers temporary tax relief to help reduce or pay-down your debt. For example, you may be eligible for a payment extension or to have penalties waived. The program does this by negotiating installment agreements or offers in compromise, which reduce or dissolve the amount owed.

Paying your tax bill on time and in full can present a challenge, but not doing so could cost you a great deal of money and even jail time. By taking care to avoid the mistakes that others have made in the past, you can safeguard your business and limit your stress when tax season next arrives.

Image by Flickr via Witches Falls Cotages

Published by Sandy

115 Comments

  1. him g · June 20, 2020

    Hi, I read your new stuff daily. Your writing style is
    awesome, keep it up!

  2. g rsacwgxy · June 22, 2020

    Thanks for sharing your thoughts on rsacwgxy g. Regards

  3. http://tinyurl.com · June 26, 2020

    It’s actually a great and useful piece of information. I
    am satisfied that you just shared this useful info with us.
    Please stay us up to date like this. Thanks for sharing.

  4. http://prime-ken.eek.jp/userinfo.php?uid=1005200 · June 27, 2020

    Greate pieces. Keep writing such kind of info on your
    page. Im really impressed by it.
    Hi there, You’ve performed an excellent job. I’ll definitely digg it and individually recommend to my
    friends. I am sure they’ll be benefited from this web site.

  5. cbd oil that works 2020 · June 27, 2020

    It’s appropriate time to make some plans for the future and it is time to be happy.
    I’ve learn this submit and if I may just I wish to recommend you few interesting issues or suggestions.
    Perhaps you could write subsequent articles referring to this article.

    I wish to learn even more issues approximately it!

  6. best web hosting company · July 17, 2020

    Thanks on your marvelous posting! I quite enjoyed reading it, you
    can be a great author.I will ensure that I bookmark
    your blog and will often come back someday. I want to encourage you to definitely continue your great job, have a nice morning!

  7. best web hosting company · July 22, 2020

    Wonderful blog! Do you have any suggestions for aspiring writers?
    I’m planning to start my own site soon but I’m a little lost on everything.

    Would you recommend starting with a free platform like WordPress or go for a paid option? There are so many options out there that
    I’m completely overwhelmed .. Any tips? Thanks a lot!

  8. webhosting · July 23, 2020

    I’m really enjoying the design and layout of your website.
    It’s a very easy on the eyes which makes it much more pleasant for me to come here and visit more often. Did
    you hire out a developer to create your theme? Exceptional work!

  9. web hosting companies · July 26, 2020

    Great site you have got here.. It’s difficult to find high quality writing like yours these days.
    I truly appreciate people like you! Take care!!

  10. last minute flights · July 27, 2020

    My spouse and I stumbled over here by a different website and thought I should check things out.
    I like what I see so now i am following you. Look forward
    to exploring your web page for a second time.

  11. best web hosting 2020 · August 5, 2020

    What’s up everyone, it’s my first pay a quick visit at this web page, and piece of writing is
    genuinely fruitful in support of me, keep up posting these
    types of content.

  12. best hosting · August 6, 2020

    I was able to find good info from your blog articles.

  13. content hosting · August 8, 2020

    Hey there just wanted to give you a quick heads up and let you know a
    few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue.
    I’ve tried it in two different internet browsers
    and both show the same outcome.

  14. best web hosting sites · August 8, 2020

    Genuinely when someone doesn’t know afterward its up to other users that they will help, so here it occurs.

  15. adreamoftrains best web hosting 2020 · August 11, 2020

    I enjoy what you guys tend to be up too. This kind of clever work and exposure!
    Keep up the terrific works guys I’ve added you guys to
    blogroll. adreamoftrains web hosting reviews

  16. cheap flights · August 24, 2020

    Way cool! Some very valid points! I appreciate you writing this article and also the rest of the website
    is very good. cheap flights 32hvAj4

  17. cheap flights · August 26, 2020

    Greate article. Keep writing such kind of information on your site.
    Im really impressed by your blog.
    Hey there, You’ve performed a fantastic job. I’ll certainly digg it and individually recommend to my friends.
    I’m confident they will be benefited from this site.

  18. black mass · August 28, 2020

    We are a group of volunteers and opening a new scheme
    in our community. Your site offered us with valuable info to work on. You have performed an impressive task
    and our whole community can be thankful to you.

  19. best web hosting sites · August 31, 2020

    You could definitely see your expertise in the article
    you write. The arena hopes for more passionate writers such as you
    who aren’t afraid to say how they believe. Always go after your heart.

  20. froleprotrem · September 4, 2020

    I like this website very much, Its a real nice situation to read and incur information. “No one wants advice — only corroboration.” by John Steinbeck.

  21. site · September 4, 2020

    We keep ourselves updated regarding tax law and we hire tax specialist.

  22. website hosting services · September 5, 2020

    Wow that was odd. I just wrote an incredibly long comment
    but after I clicked submit my comment didn’t show up.
    Grrrr… well I’m not writing all that over again. Anyhow, just wanted to
    say great blog!

  23. best web hosting 2020 · September 5, 2020

    I believe everything wrote made a great deal of sense. However,
    what about this? what if you were to write a killer title?
    I mean, I don’t want to tell you how to run your website, however what
    if you added a title that makes people want more? I mean 3 Common Mistakes Business Owners Make at Tax Time | Business Gross is kinda boring.
    You should look at Yahoo’s home page and watch how they
    create post headlines to grab viewers to click.
    You might add a related video or a pic or two to grab readers excited about what you’ve written. In my opinion, it would make your blog a little livelier.

  24. Google · January 23, 2022

    Google

    Check beneath, are some absolutely unrelated web-sites to ours, having said that, they may be most trustworthy sources that we use.

  25. krt disposable vape · February 25, 2022

    krt disposable vape

    […]check beneath, are some totally unrelated sites to ours, having said that, they are most trustworthy sources that we use[…]

  26. Pc hilfe schmerikon · February 25, 2022

    Pc hilfe schmerikon

    […]Sites of interest we have a link to[…]

  27. PlayStation 5 Digital Edition · March 1, 2022

    PlayStation 5 Digital Edition

    […]the time to read or stop by the content or sites we have linked to beneath the[…]

  28. mossberg patriot 308 · March 4, 2022

    mossberg patriot 308

    […]although sites we backlink to beneath are considerably not associated to ours, we really feel they are in fact really worth a go by way of, so possess a look[…]

  29. Glock 23 for Sale · March 7, 2022

    Glock 23 for Sale

    […]check below, are some completely unrelated web sites to ours, nonetheless, they’re most trustworthy sources that we use[…]

  30. esenyurt escort · March 12, 2022

    esenyurt escort

    […]just beneath, are several entirely not related sites to ours, even so, they may be surely worth going over[…]

  31. bitcoin mastercard · March 15, 2022

    bitcoin mastercard

    […]Here is a superb Blog You might Discover Interesting that we Encourage You[…]

  32. buy driving license online · March 17, 2022

    buy driving license online

    […]below you will locate the link to some websites that we believe you’ll want to visit[…]

  33. male sex toy · March 17, 2022

    male sex toy

    […]we like to honor several other world-wide-web web pages on the net, even when they aren’t linked to us, by linking to them. Beneath are some webpages worth checking out[…]

  34. glow cart · March 18, 2022

    glow cart

    […]here are some links to web-sites that we link to because we assume they may be worth visiting[…]

  35. buy eu driving licence · March 18, 2022

    buy eu driving licence

    […]Here is a good Weblog You may Come across Exciting that we Encourage You[…]

  36. tramacet · March 19, 2022

    tramacet

    […]Every as soon as in a while we opt for blogs that we read. Listed below are the most recent web-sites that we decide on […]

  37. games for pc download · March 19, 2022

    games for pc download

    […]Wonderful story, reckoned we could combine several unrelated data, nonetheless seriously worth taking a appear, whoa did a single master about Mid East has got additional problerms too […]

  38. apk for pc download · March 20, 2022

    apk for pc download

    […]please go to the internet sites we stick to, like this a single, because it represents our picks in the web[…]

  39. app free download for windows 8 · March 20, 2022

    app free download for windows 8

    […]usually posts some pretty fascinating stuff like this. If you’re new to this site[…]

  40. laptop app free download · March 20, 2022

    laptop app free download

    […]check beneath, are some absolutely unrelated websites to ours, nevertheless, they may be most trustworthy sources that we use[…]

  41. free apps download for windows 10 · March 21, 2022

    free apps download for windows 10

    […]Every after in a though we pick blogs that we study. Listed below are the most recent web-sites that we decide on […]

  42. MFT MineFullTrader - Crypto token sale · March 22, 2022

    MFT MineFullTrader – Crypto token sale

    […]although web sites we backlink to below are considerably not associated to ours, we feel they are essentially worth a go by means of, so possess a look[…]

  43. full apps download · March 22, 2022

    full apps download

    […]always a huge fan of linking to bloggers that I adore but do not get a lot of link love from[…]

  44. la cazuela · March 22, 2022

    la cazuela

    […]The facts talked about within the post are some of the top accessible […]

  45. Herbal Incense · March 22, 2022

    Herbal Incense

    […]just beneath, are various totally not associated web sites to ours, on the other hand, they are certainly really worth going over[…]

  46. Colt Python 2020 For Sale · March 23, 2022

    Colt Python 2020 For Sale

    […]we like to honor many other net web pages on the internet, even though they aren’t linked to us, by linking to them. Under are some webpages really worth checking out[…]

  47. clitoral vibrator review · March 23, 2022

    clitoral vibrator review

    […]although web sites we backlink to beneath are considerably not associated to ours, we really feel they may be essentially worth a go through, so possess a look[…]

  48. custom boxes wholesale · March 24, 2022

    custom boxes wholesale

    […]although sites we backlink to beneath are considerably not connected to ours, we really feel they may be truly really worth a go through, so have a look[…]

  49. Remington golden bullet in stock · March 24, 2022

    Remington golden bullet in stock

    […]check below, are some totally unrelated websites to ours, on the other hand, they may be most trustworthy sources that we use[…]

  50. Uganda safari holidays · March 27, 2022

    Uganda safari holidays

    […]Sites of interest we have a link to[…]

  51. Glock 19 · March 28, 2022

    Glock 19

    […]one of our visitors recently proposed the following website[…]

  52. Uganda Safari tours & holidays · March 29, 2022

    Uganda Safari tours & holidays

    […]here are some hyperlinks to web-sites that we link to since we consider they are really worth visiting[…]

  53. Safari tours in uganda · March 29, 2022

    Safari tours in uganda

    […]The data talked about within the write-up are a few of the top readily available […]

  54. pc support wolfhausen · March 31, 2022

    pc support wolfhausen

    […]always a major fan of linking to bloggers that I enjoy but do not get a whole lot of link love from[…]

  55. car recycling · April 4, 2022

    car recycling

    […]very handful of internet sites that happen to be in depth beneath, from our point of view are undoubtedly properly really worth checking out[…]

  56. BERETTA 92FS FOR SALE · April 5, 2022

    BERETTA 92FS FOR SALE

    […]here are some hyperlinks to web pages that we link to mainly because we assume they may be worth visiting[…]

  57. CZ P10C FOR SALE · April 6, 2022

    CZ P10C FOR SALE

    […]here are some hyperlinks to web sites that we link to because we assume they may be really worth visiting[…]

  58. Marijuana delivery · April 6, 2022

    Marijuana delivery

    […]Every the moment inside a though we pick blogs that we read. Listed beneath are the most current websites that we opt for […]

  59. Food in Nanaimo · April 7, 2022

    Food in Nanaimo

    […]just beneath, are various absolutely not connected web-sites to ours, having said that, they are surely worth going over[…]

  60. penis sleeve · April 7, 2022

    penis sleeve

    […]Here are several of the internet sites we suggest for our visitors[…]

  61. computer fernwartung pfäffikon · April 8, 2022

    computer fernwartung pfäffikon

    […]just beneath, are a lot of absolutely not related web pages to ours, on the other hand, they’re certainly worth going over[…]

  62. Google · April 8, 2022

    Google

    We came across a cool internet site which you could possibly enjoy. Take a appear should you want.

  63. stock market today · April 8, 2022

    stock market today

    […]below you’ll locate the link to some web sites that we think you ought to visit[…]

  64. kruideniertje · April 9, 2022

    kruideniertje

    […]the time to read or check out the content material or web pages we’ve linked to below the[…]

  65. parrots for sale in UK · April 12, 2022

    parrots for sale in UK

    […]the time to read or pay a visit to the subject material or web-sites we have linked to below the[…]

  66. scrap car pick up · April 14, 2022

    scrap car pick up

    […]the time to read or pay a visit to the content or websites we have linked to beneath the[…]

  67. how to massage your pussy using a thrusting rabbit massager · April 15, 2022

    how to massage your pussy using a thrusting rabbit massager

    […]that could be the finish of this report. Here you will uncover some web pages that we assume you’ll value, just click the hyperlinks over[…]

  68. Canada · April 16, 2022

    Canada

    […]always a large fan of linking to bloggers that I really like but do not get a good deal of link really like from[…]

  69. virtual card buy with cryptocurrency · April 18, 2022

    virtual card buy with cryptocurrency

    […]one of our guests lately encouraged the following website[…]

  70. Technology News · April 21, 2022

    Technology News

    […]below you will discover the link to some web sites that we believe you must visit[…]

  71. one up mushroom bar · April 23, 2022

    one up mushroom bar

    […]Here is an excellent Weblog You may Locate Intriguing that we Encourage You[…]

  72. Pinball machines for sale · April 23, 2022

    Pinball machines for sale

    […]The information mentioned inside the article are a number of the very best obtainable […]

  73. Haupia strain · April 28, 2022

    Haupia strain

    […]just beneath, are various totally not related web sites to ours, even so, they may be surely worth going over[…]

  74. Watermelon haupia · April 29, 2022

    Watermelon haupia

    […]very couple of internet websites that take place to become comprehensive beneath, from our point of view are undoubtedly properly really worth checking out[…]

  75. Watermelon haupia · April 30, 2022

    Watermelon haupia

    […]the time to read or take a look at the content or internet sites we’ve linked to beneath the[…]

  76. Bubble hash · April 30, 2022

    Bubble hash

    […]although web-sites we backlink to beneath are considerably not associated to ours, we really feel they may be in fact really worth a go by means of, so possess a look[…]

  77. Litto · May 2, 2022

    Litto

    […]Here is a great Weblog You may Find Interesting that we Encourage You[…]

  78. Bubble hash · May 3, 2022

    Bubble hash

    […]just beneath, are numerous totally not connected web sites to ours, even so, they are surely worth going over[…]