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Lavin and Associates

Lavin and Associates is a well-known CPA firm and tax professional, established in the year 1987. L&A is a group of experienced personnel who serve as a tax consultant to individuals and small businesspersons. L&A had service for more than 32 years and now looks to expand worldwide with present offices in White Plains, NY and Delray Beach, FL and services clients nationwide. Lavin and Associates are keen on giving any solution regarding finances and here are some of our services available 1. Individual Tax Preparation 2. Business Tax Preparation 3. Bookkeeping & Accounting 4. Consulting https://lavinandassociates.com/

5 MISTAKES THAT SMALL BUSINESSES MAKE WHILE FILING TAXES

Taxes are inevitable for everyone, whether it is an individual or an enterprise, nobody can escape from it. When it comes to something this crucial, slightest of errors can invite big troubles. Here follows a list of common mistakes that the business owners need to avoid when it comes to filing taxes:

  1. FAILING TO PAY ON THE GIVEN TIME

Whether it is professional or personal work, procrastinating is never a good habit. Many business owners remember about tax filing during the end days. Missing out on the deadline can make them penalized by a 5% fine every month by the IRS. To escape a penalty in the worst situation, one can fill a request form to get more time to pay these dues.

 

  1. NOT APPLYING THE RIGHT BUSINESS DEDUCTION

One of the best ways by which any business owner can save on taxes is by applying the right deduction. They can make subtraction on certain things they qualify, including furniture and supplies, equipment, and other expenses. Seeking the services of a tax accountant in New York can help to save within legal boundaries.

 

  1. MIXING UP PERSONAL AND BUSINESS EXPENSE

If any business owner mixes up their personal expenses with that of the business, they make things difficult for themselves. It is crucial to separate them, for which they can use different bank accounts, keep receipts segregated, and paying themselves salary instead of making the drawing directly.

 

  1. NOT CONSULTING THE PROFESSIONALS

Many business owners think of doing the taxes on their own to save on hiring professional services. However, this only creates massive problems for them. It is important to seek a tax accountant in New York. With their knowledge and expertise, they get things done in a better way.

 

  1. NOT KEEPING THE PROPER RECORD

If the business owners do not have a proper record, it gets really difficult to make any tax deductions. This means that they need to be particular with business taxes such as categorizing expenses and saving receipts. However, the best way out here is to seek the services of CPA firms, they help with multiple things, including bookkeeping.

 

FINAL WORDS

Most of the mistakes that business owners do because they try to do the taxes on their own. This is where they go wrong, seeking the services of an experienced tax accountant in New York is the way out to get the taxes done without making any mistake. With their expertise and experience, they ensure that the entire process is done perfectly.

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