Avoid These Common Small-Biz Tax Blunders

The tax deadline passed a week ago for many businesses – which makes it as good a time as any for a reminder that taxes should be a year-round concern for every business. Zogby Analytics recently conducted a survey of 400 U.S.-based accountants for online accounting software firm Xero and found two common mistakes: One in five small businesses talk to their accountant only at tax time, and one in four don’t have ongoing insight into their financials.

The tax deadline passed a week ago for many businesses – which makes it as good a time as any for a reminder that taxes should be a year-round concern for every business. Zogby Analytics recently conducted a survey of 400 U.S.-based accountants for online accounting software firm Xero and found two common mistakes: One in five small businesses talk to their accountant only at tax time, and one in four don’t have ongoing insight into their financials.

To quote Benjamin Franklin, "Nothing in life is certain but death and taxes." There’s usually more work involved for small businesses than for individuals when it comes to filing taxes, but that doesn’t mean it has to be more daunting.

It’s nearly that time of year again. And so it’s also time to avoid some of the most common, and costly errors

Form 1040 is due one week from today.  Procrastinators everywhere are beginning to stir into action.  Many people still awaiting K-1s from partnerships are in full panic mode. Relax. Yes, April 15 means something.  It’s unwise to just ignore it.  Yet it is no cause to panic.

As parents know, some lessons are best learned the hard way. Taxes, however, aren’t one of those times. Messing up on taxes is common. In the best cases, it could mean a delayed refund. But it could also mean a smaller refund, spending extra money and time to amend your return, or in the worst case, facing an audit.

Tax season is finally in full swing, following the fiscal-cliff-induced late start. But some filers could see their refunds held up even further if they’re not careful.