For small businesses, tax rules and regulations can be surprisingly complex. And, unfortunately, making a mistake can have major consequences. Ranging from IRS audits to penalties, fees, and interest, errors in business tax filing will cost you.
Here are just a few of the many issues you’ll need to consider:
- Profit motive
- Material participation
- Employee classification
- Bad debt write-offs
- Expense deductions and documentation
- And many, many more
Many of these terms and guidelines can be confusing and downright frustrating. In most cases, if you’re unsure what any of the above listed tax items refer to, or if you have other questions, your best bet is to skip DIY tax preparation. Getting your taxes done right the first time can often literally pay you back!
If you’re finding yourself lost in the warren of tax laws regarding small businesses, Taxation Solutions, Inc. can provide professional assistance. Whether you’re in hot water over past mistakes or you’d like to avoid errors entirely, our team is here to provide the small business tax help you need in Arlington and beyond.