Tag Archives: TaxFiling

How Do I Pay for Taxes on My Small Business?

As anyone who has started a small business will tell you, it can be overwhelming. You have so much to deal with, from finding a location for your business to hiring employees to building a client base. However, one important aspect that new business owners may fail to account for is how to pay taxes on a small business. How Do Taxes Work for Small Businesses? Entrepreneur did an article with financial expert Dave Ramsey recently. We have featured tips from the piece in our blog, including blogs about whether it is a good idea to take out a loan to start a small business or get a business credit card. This week, we are focusing on Ramsey’s advice about how entrepreneurs should deal with paying taxes on their small business. According to Dave Ramsey, small business owners should make sure to estimate their tax payments and include them in…
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Small Business Tax Guide: Don’t Make These Common Filing Mistakes

Many small business owners are filing taxes for their enterprise for the first time this year. There is a lot to know, and a number of different factors that will make your small business tax situation unique. Knowing how to file your taxes properly can save your company money and keep you safe from making illegal tax mistakes. Keep reading below for a list of some of the most common mistakes you should try to avoid. Mistakes That Set Off Alarm Bells at the IRS Hiding your income: If your business is cash-heavy, it could be tempting to not report a large percentage of your earnings. The IRS knows when companies are likely to have a large percentage of cash purchases and can find out if you are underreporting. Writing off startup expenses as deductions: Starting a new business will cause you to spend lots of money traveling to meet…
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