CorpNet’s CEO, Nellie Akalp, recently visited the set of FOX Business in New York to discuss some of the most common tax mistakes made by entrepreneurs and small businesses.
“Filing business taxes can be a real learning curve for new business owners. Too often, some common mistakes are committed, and at best these lead to money left on the table; and at worst, costly penalties or other legal repercussions,” Nellie said.
In the segment, she discussed the need to pay quarterly estimated taxes; keeping track of your expenses; not being scared away from taking the home office deduction if you’re legally entitled to one; and sending 1099 forms to any contractors, attorneys, or individuals who performed work totaling more than $600 for the year. Nellie also advised that the most important tax move was selecting the right business structure, as the choice between a sole proprietorship, LLC, or corporation can have a major impact on the amount of taxes paid.
She also let new business owners they could get off on the right foot by contacting CorpNet.com for a free business consultation.
Through CorpNet, Nellie and her husband Philip Akalp have empowered thousands of entrepreneurs to start their own business. As an online legal document filing service, CorpNet helps small business owners form an LLC or incorporate a business in order to start and protect their new business ventures the right way.
You can watch the FOX video here.