Here are some of the most common myths about taxes and tax planning for small businesses.
When it comes to the ever-changing tax code, it can be hard for a small business owner to keep up. You’ve got to wear a number of hats, and tax accountant is just one of many that can soak up a huge amount of time and energy. Unfortunately, there are a number of myths out there about small businesses, taxes, and tax planning that can leave you spinning your wheels, or worse: making bad decisions for your business based on tax misinformation.
Here are some of the most common myths about taxes and tax planning for small businesses:
There are some things you can do to avoid the bigger mistakes. Understand where business owners typically goof up, and you can avoid those same mistakes going forward. Here are some of the most common mistakes to watch out for.
By Dominique Molina, CPA
You’re not a tax attorney or even a CPA; you’re a small business owner, trying to make your way in the world. You do your best, but the increasingly-complex tax code combined with the pressures of day-to-day business life creates a situation that’s simply prone to error. Try as you might, chances are you’re going to make some mistakes when filing your taxes, especially in those first few years of your business’ life.
Few things can consume more of a small business owner’s attention – and give her more frustration – than taxes. You want to do the right thing and pay what you owe, but you don’t want to pay more than absolutely necessary. The problem is that tax law can be rather complex, and many small business owners aren’t always terribly meticulous about keeping good records.
By Dominique Molina, CPA
Few things can consume more of a small business owner’s attention – and give her more frustration – than taxes. You want to do the right thing and pay what you owe, but you don’t want to pay more than absolutely necessary. The problem is that tax law can be rather complex, and many small business owners aren’t always terribly meticulous about keeping good records.
In fact, there are a number of relatively common tax time frustrations that, with a little bit of preparation, you can avoid:
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No matter what type of business you run, having a “mentor” to help guide you can increase your odds of success. Having a wise, loyal advisor – especially one who’s “been-there, done-that” – is like money in the bank.
By Daniel Kehrer
Founder, BizBest.com
No matter what type of business you run, having a “mentor” to help guide you can increase your odds of success. Having a wise, loyal advisor – especially one who’s “been-there, done-that” – is like money in the bank.
About the Author
Daniel Kehrer, Founder & Managing Director of BizBest Media Corp., is a nationally-known, award-winning expert on small and local business, start-ups, content marketing, entrepreneurship and social media, with an MBA from UCLA/Anderson. Read more of Daniel's tips at
www.BizBest.com, follow him at
www.twitter.com/140Main and connect on LinkedIn at
www.linkedin.com/in/danielkehrer.
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City: University Heights, OH
Financial analysis expert. Non profit experience. Business Administration. statements credit all aspects of banking operations and administration. Running branch administration. Lending and consumer leading. Collections of debt. Conduct monthly seminar in business administration. Commercial Banking 41 years.
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Education
American Institue of Banking, Graduate
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Current
City: Wadsworth, OH
SCORE Accredited Counselor 2006 to present;
Commercial lender, sales, Business Plans, Consumer Credit Counseling, Information Technology, Commercial lending small businesses
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Education
BA, Kenyon College, Gambier, OH, psychology
MAB, Stonier Graduate School of Banking, Rutgers University, New Brunswick, NJ
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Current
City: Pompton Plains, NJ
Phoenix Life Insurance Co. (2000-2001) Metropolitan Life Insurance Co. (2001 - Present) Strategic Wealth Group, LLC. (2001 - Present) The Bushwell Organization (2006 - Present)
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Resume
Education
B.A. History - Rutgers University, New Brunswick, NJ (1990); Life & Health Insurance Licensed in NJ, NY & various other states; Series 6 Securities License; CLTC - Certified Long Term Care Designation; MetLife Center for Special Needs Planning.
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Current
City: Leawood, KS
1990-Present-President/owner, The Gerber Insurance Group, a combination of 6 insurance agencies...1997-Present-managing member, Z'S Insurance Sales, LLC...1983-1990-Guardian Life Insurance Company...1978-1983-real estate investing, sales and management...1971 to 1978-Martin Gerber Chrysler-Plymouth, the last 3 years as General Manager...1972-1979-President, Spenron Auto Leasing...online Business Counselor for SCORE (SBA)-2005-Present...Fundraiser for the Alzheimer's Association-Heart of America Chapter-2009 to present
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Education
1966-1970-University of Missouri-Kansas City Campus-BA, economics with a double minor in sociology and business
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Current
City: Niagara Falls, NY
Participated in four small businesses, including one initial public offering and one as a target company; positions as sole proprietor (owner), Manager, Vice President, Senior Vice President, Executive Vice President and he-who-turns-out-the-lights.
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College, law school (1960-70s); masters in Federal taxation (1990s).
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