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Avoid These Mistakes If You’re A Small Business Owner

small business

Whenever tax time comes around, being a small business owner can be stressful.

You have to keep track of tax deadlines, distribute your employees’ income statements, and complete your business and personal tax return all at once.

With that in mind, you may slip up and make a few tax errors. Here are some common mistakes and how to avoid them.

Underpayment of estimated tax

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How and When to Pay Estimated Taxes

If withholding doesn’t cover all of your tax obligations you may have to pay estimated taxes throughout the year.

You don’t need to worry about paying estimated taxes if all your income comes from being an employee. Your employer is required to withhold taxes from every paycheck.

You only need to pay estimated taxes if you have earnings that are not subject to withholding. This income can include

  • self-employment
  • interest
  • dividends
  • alimony
  • rent
  • gains from the sale of assets
  • prizes and awards

Estimated taxes include both income taxes and self-employment tax, as well as other taxes. Continue reading “How and When to Pay Estimated Taxes”