The book was published just at the start of last tax season, so there wasn’t much time to celebrate.
As a small business owner, it’s important to stay on top of your finances and be sure you’re not making any costly mistakes when it comes to taxes. That’s why I was so excited to contribute to this book.
In my chapter, I focus on the importance of seeking out advisory services when it comes to managing your taxes. As a small business owner, it can be tempting to try and handle everything on your own in order to save money. However, the reality is that taxes can be complex and mistakes can be costly. That’s where advisory services come in.
By seeking out the expertise of a financial planner or tax professional, you can ensure that your business is taking advantage of all available tax deductions and credits, and that you’re complying with all tax laws and regulations. This can save you a significant amount of money in the long run and help your business grow.
Another great chapter in the book is by Jamie E O’Kane, CPA CTC, who writes about the common mistakes people make when adopting S-corps. S-corps can be a great structure for small businesses, but they also come with their own set of rules and regulations. Jamie’s chapter provides valuable insight into the potential pitfalls to avoid when considering an S-corp structure for your business. (Hint the Tax Cuts and Jobs Act changed everything).
Overall, “The Most Common Tax Mistakes Made by Small Businesses” is a valuable resource for small business owners looking to stay on top of their taxes and avoid costly mistakes. Whether you’re just starting out or have been in business for a while, there’s something to be learned from the wide variety of experts who contributed to this book.
By working with the right professional, you can ensure that your business is set up for success and avoid common pitfalls. Whether you’re just starting out or have been in business for a while, seeking out the right level of service can make all the difference in the financial health of your business. At Olympia Tax Service, we always think if we are that right fit.