Top 5 Tax Mistakes to Avoid as a Small Business Owner

Starting and managing a small business comes with its challenges, and taxes are often at the top of the list. Avoiding these common tax mistakes can save you time, stress, and money:

• Failing to Separate Business and Personal Finances: Always maintain separate accounts to ensure accurate tracking and easier audits.
• Missing Out on Deductions: Familiarize yourself with business-related deductions, such as office supplies and home office expenses.
• Incorrect Employee Classification: Misclassifying employees as independent contractors (or vice versa) can lead to penalties.
• Neglecting Estimated Tax Payments: If you’re self-employed, don’t forget quarterly tax payments to avoid fines.
• Poor Record-Keeping: Keep organized records of all expenses and income to simplify tax filing and potential audits.

At QuickTurn, we specialize in helping small business owners navigate the tax landscape with ease and confidence.