EP08: What's the Most Common Mistakes Business Owners Make?

Wealthy CEO Accelerator Podcast

To err is human, and making mistakes along the entrepreneurial journey may involve tax accidents that can be costly for every business owner. In this episode of Empire Tax Professionals, we will talk about small business owners' most common tax mistakes and how to prevent these issues. KEY TAKEAWAYS: ● Wrong selection: If you're making 10 to 30K dollars annually, you do not want to be a Sole Proprietor because you're not protected. You're paying more taxes, your assets are at stake, and anybody could come after what you own. ● Monthly bookkeeping: Estimated tax payments are among the most important things that businesses need to do to make sure that there are always current taxes. Some people have significant tax bills and close their businesses mainly because they don't do the bookkeeping on a monthly basis. ● Not getting experienced tax professionals: A bookkeeping company is utterly useless if they give you the profit and loss (P&L) reports, and they don't look at it from a financial standpoint. Guidance is the essential key in this whole thing; if your accountant does not guide you, then you're hiring a robotic company to do the job for you where there's no advice. The IRS encourages business owners to specialists who can help with tax situations and avoid common errors from the get-go. Did you ever imagine spending this much time on your financials? IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ 📚 👓 PM or email us at [e-mail] to book a FREE strategy session with an Enrolled Agent on our team.