Running a small business is a difficult task and creating a plan for your taxes can become an afterthought. Making tax mistakes can lead to large unexpected payments and even fines. Business owners need to be mindful of their expected tax payments and be aware of the changing regulations.
If you are a business owner who dislikes taxes and bookkeeping you are not alone. A 2014 poll found that 40 percent of owners said that calculating taxes is their least favorite part of having a small business. This post will cover three common tax problems that your small business can have and steps you can take to prevent issues.