One of the most important things you need to focus on as a business owner are your tax liabilities. Each year, you will have to file your taxes with the IRS and pay a certain amount in to stay in good standings with this government agency. While taking the bull by the horns and taking on tasks within your business that you are unfamiliar is a good thing, when it comes to tax prep it could cause a lot of problems. Learn all about the various small business tax prep mistakes you can avoid with some professional help.
Choosing the Wrong Business Structure
Among the most important decisions you will make as a business owner is how to structure your business. With all of the different options out there, choosing the right one will not be easy. Filing an LLC is a great way to get the tax breaks and personal asset protection you are after. A professional in the tax prep world can help you avoid making mistakes during this important decision making process. Trying to figure out your own business structure may lead to a number of long-term problems.
Failing the Get the Deductions You Are Eligible For
A big part of the tax prep process is knowing what type of deductions your business qualifies for. If you do not have experience in the world of business tax prep, you may miss out on some big deductions that can save you money. Instead of having to pay more to the IRS due to mistakes made on your behalf, working with a tax professional is your best bet. They will be able to go over your taxes with a fine tooth comb to ensure you are getting the breaks you deserve.
Do you need help with small business tax prep? Call the team at Uncle Phil’s Tax Advice at 855-829-8477 or go to their website for more information. You can connect with them on Facebook for more information!
