Common Small Business Tax Mistakes

Let’s be honest!  Small business tax mistakes happen to the best of us.  Bookkeeping and accounting aren’t the reason why people decide to become entrepreneurs.  We want to make money and make a difference.  We don’t want to understand every part of tax laws and accounting.  In fact, you may be intimidated by the sheer thought around taxes.

It’s the reason why entrepreneurs need to have a tax professional on hand.  They are not as costly as one would think.  It all depends on how organized you keep your business and where you are located.  

Taxes do not have to be scary or intimidating.  

The cardinal rule is just don’t intentionally try to get over on the IRS.  They will find out.  LOL.  It’s a difference between intentionally and unintentionally making mistakes with your taxes.

The unfortunate thing is that I’m seeing incorrect information floating around about taxes and business finance.  Heck, think about the people that got caught with the PPP Loan and unemployment scams.  You think they won’t find out yet they do.  When it is unintentional, you can work with a tax professional and IRS on a repayment plan.  When it's intentional, they want their money ASAP.  LOL.

The choice is yours.  In all seriousness, you don’t have to know it all.  Just find a tax strategist or professional to get you organized.  Over the years, I have had good and bad experiences with taxes.  The reason for the conversation is due to the fact that I didn’t know what I needed to know.  In turn, it cost me money in fines and fees.  I tried to do my own taxes once and realized that it cost me.  My journey is founded on honesty and transparency to help others learn through my mistakes.  

I know what it's like to owe the IRS and be on a payment plan.  I know what it’s like the first time you have your taxes done and seeing you owe _ amount of dollars.  The best way to describe it is the wind being punched out of your chest.

I had the pleasure of interviewing Ayricka with Creatives Tax Company.  This is my first YouTube Livestream interview.  We discussed the three most common tax mistakes entrepreneurs make within their businesses.  I love talking with Ayricka.  We legit stayed on the call after recording for another hour.  LOL.  

Ayricka is passionate about teaching creatives and small businesses the importance of understanding tax law.  Her clients range from new business owners to more established professionals.  One thing is for sure, length in business does not mean you know it all.  

She had shared that tax laws are changing every year.  For a business owner to stay versed on the updates, it takes away from your business purpose and goals.  Tax strategists study tax credits, ways to get legal deductions, and more.  I could’ve benefited from working with her in the past.  Her passion just radiates in the interview.  

You can watch the interview by clicking here:

As mentioned in the interview, she is launching her first ebook on mastering deductions while traveling.  The tips are perfect for entrepreneurs who are always on the go.  In the food and event businesses, you will be blown away by the information.  All receipts matter. :-)

Her ebook releases soon.  You can sign up for the waitlist to receive a special offer.  Plus, my fellow digital entrepreneurs can learn how to make the most out of their travel costs.  

I hope the interview helped with opening your eyes to understanding your taxes.  Please comment below.  What is one thing you learned from watching the interview?  Do you feel confident in your taxes?

You can connect with The Creative’s Tax Company through Instagram or Facebook. Please mention hearing about her through Greeneyedambition.