Costly Tax Mistakes Entrepreneurs Have to Avoid
Costly Tax Mistakes Entrepreneurs Have to Avoid
Anyone can get into trouble with the IRS, including businesses. It seems as though entrepreneurs are especially susceptible to tax troubles, many times because they simply aren’t aware of all the tax pitfalls that lay ahead. However, many of these mistakes can be easily avoided. The key is to be aware of what they are.
One of the most common mistakes is simply to be too relaxed and nonchalant with your recordkeeping and compliance. Always keep complete and accurate records and always stick to all the tax rules. Don’t get lazy and think it won’t matter. It does.
Another mistake is to try to fight every battle with the IRS alone. While you can take care of many tax items and issues yourself, other situations and circumstances are better left to the professionals. For example, if you have been chosen for an audit or you have a large tax debt, or other serious tax matter, then seek the help of a qualified CPA or an attorney.
To that same end, don’t make the mistake of trying to avoid the IRS. If you hear from the IRS respond as directed. Trying to run or hide never works, especially if you’re already on the agency’s radar. Avoiding these simple mistakes can be a real lifesaver for anyone with a business, especially an entrepreneur that’s trying to start a company.
We hope you found this article about “Costly Tax Mistakes Entrepreneurs Have to Avoid” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
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