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20 Essential Tax Facts for Small Business Owners

Ronika Khanna CPA,CA

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. This form can be found in most online tax filing software including Ufile and TurboTax. Corporations are required to file a separate corporate tax return.

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7 Big Tax Mistakes Business Owners Make & How to Fix Them

LyfeAccounting

To avoid this tax mistake, make sure to have some kind of accounting system in place that keeps track of your actual business expenses. Tax Mistake #5: Filing late. Tax Mistake #7: Failing to be taxed as an S-Corporation. Most business owners pay taxes based on the default treatment of their entity.

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