Yes, it's that time again. Time to file your taxes and the deadline is fast approaching. Our recent guest on The Small Business Trends Radio Show was Michael Rozbruch of Tax Resolution Services. Michael had some great information and resources for small business owners as well as some insider tips to avoid tax pitfalls that small business owners face.
In light of the fast approaching deadline, I wanted to share this valuable information with you. Below is a major pitfall that small businesses face that Michael discussed during the show:
Payroll taxes. Retain an outside payroll company with automatic tax depositing. A 34% fee is charge on the unpaid principle after 16 days. Once past due - it’s the “kiss of death” for businesses.
This episode contains really useful information and can help you to prepare for next years tax season. To listen to the show for free, please visit this page
I'd also like to hear any tips, recommendations, or information gained from personal experiences that others may have had when facing their small businesses tax season.