Tips from March 9, 2010
With many business tax returns due on
April 15th, the Small Business tips today discuss common tax return
errors and how to avoid them.
- The most common business tax return error is also the easiest to avoid – make sure the return is signed by a company officer.
- According to the IRS, the #2 business tax return error is failing to include the correct tax ID number. Is yours correct?
- Incorrect
sequencing or missing forms are easily preventable return errors.
Review the instructions for each return one last time.
- Late or
inaccurate election to be treated as an S corporation. This is a big
one, because an invalid election will mean your corporation will be
subject to double-taxation for the year.
Daily
Overview: With correct preparation and execution, tax time doesn't have
to be stressful. Be prepared, organized, and turn to help if you need
it.
Big thanks to Kyle Durand for his
excellent tax advice this week and help in writing today's tips. Need
legal advice? Visit Kyle Durand at www.entrepreneurialadvocate.com and
www.preceptlaw.com.
We post these small business tips to our employee's Twitter account each day, Monday through Friday. This is a reposting of those tips.
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