17 Nov Top Small Business Tax Mistakes
Filing your business income taxes each year is an occasion you may not always look forward to, but nevertheless, it must be done. If you are finding it too difficult and confusing or if you have doubts about whether or not you’re using all the deductions you could, it may be wise to hire a small business tax accountant. Small business tax accountants are familiar with the laws that pertain to taxing a small business and can help you to both maximize your tax refunds and keep the IRS off your back. An experienced small business tax accountant may even be able to give you useful financial advice about how to improve your business policies for tax reduction purposes.
One of the most common errors that small business owners make during tax time is reporting their income incorrectly. The IRS is like Santa Claus, it knows if you’ve been bad or good and has access to all income forms you receive, like 1099s. If you deal in virtual currencies like cryptocurrency or similar, you’ll also get the attention of the IRS because they look closely at this unregulated type of income. The best way to report business income is to be a straight shooter and get help when you’re not sure what to report or how to report it. That’s where a small business tax accountant can come in handy.
Not Taking Available Deductions
Running your own business is a lot of work, but it also carries with it many valuable tax deductions, and if you don’t know what they are, you can’t benefit from them. If a part of your home is used regularly and exclusively for operating your business, you can take the home office deduction. If you’ve recently started your business, you can also take many deductions that are related to business startup. The best way to find out what’s available to you is to consult with a small business tax accountant.
Call to Schedule a Free Consultation With an Indiana Small Business Tax Accountant Today
If you are the owner of a small business and you need help with filing taxes or making tax related decisions, call to schedule a free consultation with an Indiana small business tax accountant today. The experts at the OnTarget CPA certified public accounting firm can sit down with you and discuss your business finances and tax needs so you can benefit from the latest information. We serve the cities of Indianapolis, Carmel, Fishers, Zionsville, Avon and surrounding communities. Check out our website at ontargetcpa.com or give us a call at 317-820-2000 and let us give you small business tax advice you can trust.