Small business owners (SBOs) have more than enough on their plate – generating new business, keeping current clients happy, and coming up with new ideas to grow their company (to name but a few). Add in accounting, number crunching, and taxes, and it can quickly become too much for even the most ambitious of entrepreneurs. The consequences for taking on too much can be many. One, in particular, has to do with mistakes in tax filings. To help SBOs combat this, our blog today will delve into some of the most common tax mistakes business owners can make.
In this quick blog post, we are going to seek to answer the age old question: what are tax deductions. We will be covering this from both a personal and a small business owner (SBO) perspective, with an emphasis on small business tax deductions. We will also discuss the difference between business and capital expenses, and tips on how to avoid a tax audit by the IRS.