Some of the biggest Tax mistakes made by small businesses.
1) Owners of small businesses wear so many hats and have so much demand on their time. Things like keeping track of receipts and expenses tend to go by the way side meaning not everything can be claimed come tax time. Using an accounting software like Xero can help with this.
2) Using personal accounts as business accounts too - Not Good! Get a business bank account and purchase personal with personal and business with business! It stops any confusion and saves time and there won't be any unnecessary complications at tax time on what is for what.
3) Many small business owners are not aware of all of the tax deductions available to help offset taxes. This is where your accountant comes in handy!
Sounds like a successful equation to me!
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