The Most Common Tax Mistakes Made by Small Businesses

Are you one of the thirty million Americans who own and operate a small business? Each year, more and more people are taking the leap to be their own boss and build their own company. In 2010, there were 2.5 million new business applications filed in the U.S. Last year, there were over four million filed before we reached December.

Unfortunately, the majority of these businesses will fail over the first five years of operations - not because the owners lost their passion or drive to succeed, but because they made critical mistakes in areas of taxation, finances, and funding.

Every successful business must have a solid tax, financial, and legal foundation supporting the passion and potential so the organization can grow strong and prosper.

What happens when a company's fundamental financial foundations are unstable? The business owner can experience stress, struggle, and strain, and their business can face tax assessments, audits, financial penalties, or even bankruptcy.

Even though this happens to some people, it doesn't have to happen to you!

The Most Common Tax Mistakes Made By Small Businesses, written by leading tax, financial, and legal experts, gives you the answers to questions such as:

• Do I set up an LLC or an S Corp to reduce my tax responsibility?
• Can I buy everything I want and write it off on my taxes?
• Do I really need to have a business insurance policy?
• I'm just starting out, do I need a plan for retirement?
• Who can help me if the IRS audits my company?
• Isn't tax planning just for huge corporations?
• 
  

This book is an invaluable resource to help entrepreneurs find and fix the top tax and financial mistakes, protect themselves financially and legally, as well as protect their business and assets.

If you are a small business owner, or thinking of starting a new venture, the information in this book will give you everything you need to have peace of mind around your tax, financial, and legal operations so you can build the business of your dreams on a truly solid foundation.

Lily Tran is the Founder of TaxUSign(R), a Washington State firm providing virtual tax help for whatever life throws at you. Lily is licensed by the Internal Revenue Service as an Enrolled Agent (EA), a federal program authorizing her to represent taxpayers before the IRS when it comes to audits, collections, and appeals. Lily is currently studying financial planning at Pepperdine University. She is also a Certified Tax Coach and NTPI Fellow.Lily has over 15 years of experience in accounting, tax, consulting, and advisory services for entrepreneurs, small business owners, and corporations. Lily's firm TaxUSign(R) provides high-quality, personal service resulting in significant tax savings, strategic business growth and tax compliance, and immeasurable peace of mind for her clients. She is a member of National Association of Enrolled Agents, Washington State of Enrolled Agents, American Society of Tax Problem Solvers, and National Association of Tax Professionals.She has served as the Director of Washington State of Enrolled Agents and Past Treasurer of Washington State Tax Consultants. She is a sought-after speaker for local, regional, and national organizations, and she was featured in Forbes, Bloomberg Tax and Accounting, and SUCCESS Magazine. Lily is the editor and chief contributor of a tax anthology, a tax course creator, and co-author of Meet The Spunkiez Heroes(TM), a children's series with her son.

I own Tax Therapy, LLC, in Albuquerque, New Mexico. I am an Enrolled Agent and non-attorney practitioner admitted to the bar of the U.S. Tax Court. I work as a tax general practitioner preparing returns for individuals and (really) small businesses as well as representing individuals before the IRS and the U.S. Tax Court. My passion is translating "taxspeak" into English for taxpayers and tax practitioners and I dispel myths with facts, explaining the 'fine print' behind seemingly simple tax concepts for various global publications. For Forbes.com, I cover individual tax issues and IRS developments with a focus on items of interest to taxpayers and retail tax practitioners. For ThinkOutsideTheTaxBox.com, I write about advanced tax planning strategies and pitfalls. For more about me please visit my website. For more of my writing and insights on current tax policies and events follow me on Twitter @taxtherapist505.

Jamie E. O'Kane, CPA CTC is the owner of the Colorado-based CPA firm, Abundant Beans Tax & Accounting and host of The Abundant Beans Podcast. Abundant Beans Tax & Accounting provides goal-based & proactive tax strategy, tax compliance, and consulting services that make a positive impact on their client's ability to build sustainable businesses. Their niche is women-owned veterinary and dental practices. Women practice owners are changing the game in their industries, and nothing fires up the team at Abundant Beans Tax & Accounting more than helping them do it.