tax-mistakes

5 Mistakes Business Owners Make with Their Taxes

Are You Making Any of These Common Mistakes?

As a business owner, you understand the toll that the myriad of tasks can take on your time, energy, and overall success. Taxes are no different – they are part of those tasks necessary for a flourishing business, but it can sometimes be difficult to understand if you’re filing your taxes correctly.

Fortunately, at M&M Accounting LLC, we can help ease some of your stress. Our tax preparation services in Mesa work to educate business owners on best practices for tax filing, ways to save money, and tips for helping your business thrive.

Discover if you’ve been making any of these five common tax-filing mistakes:

1. You are not filing for potential deductions or other tax benefits

Did you know there are likely deductions or other tax benefits that you can file for your business? If not, now you do! A tax preparer in Mesa, Arizona, can help you discover any deductions or benefits you may have missed when filing your taxes in the past and make sure you’re saving as much money as possible.

2. Discrepancies When Reporting Income

Depending on your business model, it can sometimes be challenging to keep track of exactly how much income each employee is receiving. However, inaccurate income reporting can lead to issues with your business, as you may end up owing more than you should.

With M&M Accounting LLC, we can help you keep diligent track of your and your employees’ income to make sure you are reporting accurate numbers.

3. Minimal or No Tax Planning

We get it – planning for your taxes can be a pain. It’s a lot of numbers, a lot of information to consider, and a lot of headaches if you’re not well-versed in tax planning.

With our accounting services, we can help you plan and prepare for your taxes in advance, so there aren’t any surprises – and you can focus on more important things, like running your business!

4. Failing to Keep Cost Records

While bookkeeping is undoubtedly essential for business owners, it is incredibly easy for it to get lost somewhere along the line. It’s hard to remember every little business expense, and when it comes to running your own business, those certainly start to pile up!

A tax preparer in Mesa can help you keep track of all of your cost records, so you can make sure you are reporting every single business expense you’ve had throughout the year – because you should be able to benefit from the amount you’ve invested in your company!

5. Not Understanding the Different Rules between Federal vs. State Tax Filing

There are a lot of different aspects that go into federal vs. state tax reporting, and it can be difficult to remember all of them. Fortunately, our team of specialists at M&M Accounting LLC knows all about the ins and outs of tax filing, whether it be federal or state. They will help you understand the different rules of each to make sure your taxes are always being filed correctly.

Ready To Get Started With Tax Preparation Services In Mesa?

At M&M Accounting LLC, we are here to help you with all of your tax reporting needs, so you can make sure you are doing everything you can to help your business succeed!

To learn more about our services and the many ways a tax preparer in Mesa can help business owners straighten out their taxes for the best chances of success, don’t hesitate to contact us today!

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