Once again, our CEO, Nellie Akalp, has hit the media streets to educate business owners. This time she joined FOX Small Business to discuss common tax mistakes, a relevant topic as Tax Day approaches.
1. Not paying quarterly taxes. Nellie suggests setting some money aside so you don’t have a large sum to pay at tax time.
2. Not keeping track of business expenses. You need these to deduct on your taxes, but you must be able to document them.
3. Not understanding home business writeoffs. Nellie says you can deduct your home office if you work from home.
4. Not keeping track of 1099s. Any contractors you pay more than $600 in a year must receive a 1099, and you must claim it as an expense.