Tax Tip 2019-164: Four common tax errors that can be costly for small businesses
Internal Revenue Service (IRS) sent this bulletin at 11/21/2019 10:50 AM EST
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Issue Number: Tax Tip 2019-164Four common tax errors that can be costly for small businesses
They may think of doing their taxes as just another item to quickly cross off their to-do list. However, this approach could leave taxpayers open to mistakes when filing and paying taxes. Accidentally failing to comply with tax laws, violating tax codes, or filling out forms incorrectly can leave taxpayers and their businesses open to possible penalties. Using IRS Free File or a certified public accountant is the easiest ways to avoid these kinds of errors. Being aware of common mistakes can also help tame the stress of tax time. Here are a few mistakes small business owners should avoid: Underpaying estimated taxes Depositing employment taxes Filing late Not separating business and personal expenses More information: Share this tip on social media -- #IRSTaxTip: Four common tax errors that can be costly for small businesses. https://go.usa.gov/xpBfm Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message. |