You know many of the pitfalls of being in business for yourself. For example, you need to adequately assess the market for your business and determine if you will have customers who are willing to pay enough to make your business profitable. You will need to determine if you can support yourself and your family. You will need to make sure that you have complied with all of the legal and licensing requirements for your business. If you fail to do any of these things, your business may fail.
Avoid These Common Tax Problems
Taxes may not be the first thing you think about as you manage your business; however, failure to comply with Internal Revenue Service (IRS) requirements may mean the end of your business. Accordingly, it is important to avoid common problems such as:
- Failing to pay self-employment tax
- Failing to make required quarterly tax payments to the IRS
- Failing to properly calculate a home-office deduction
It is equally important to avoid less common problems that may be more specific to your particular business.
A Tax Attorney Can Help You If You've Made a Mistake
All business owners make mistakes from time to time. If you believe that you have made a tax error, or if you have been notified by the IRS that you have made a tax error, we encourage you to contact our tax attorneys today to get the help you need to protect both your business and personal finances.
You can begin to learn about your options by watching our free videos and downloading a free copy of our book, The Ultimate Survival Guide for IRS Problems. You can also use the chat feature on the bottom right side of this web page to contact us today.