Robert J. Fedor, Esq., L.L.C.

Tax advice for small business owners

Small business owners in Ohio help keep the state's economy strong. They also must deal with a variety of business and financial matters from business licenses to payroll. One important and often dreaded responsibility of being a small business owner includes accurately keeping track of finances and filing taxes in a timely manner.

Most small business owners excel at whatever service they provide. Few, however, are adept when it comes to financial matters. As a result many small business owners falter when it comes to both tracking finances and filing business-related taxes. The following are some common pitfalls that can land business owners in trouble both financially and legally.

State and federal tax laws are constantly changing and evolving. Attempting to keep track of these changes can be confusing and most small business owners don't have the time or inclination to do so. As a result, a business owner may inadvertently fail to pay certain taxes. For example one change impacting small business owners this year includes a two percent payroll tax increase.

Another way small business owners may get into to tax trouble is related to deductions. Many small business owners who face allegations of tax crimes are accused of deducting personal expenditures or deducting too many expenditures. For many small business owners the lines between personal and business often overlap. When it comes to taxes, however, it's important to ensure all personal and business expenses are separate.

Running a business can be difficult for a number of reasons. It's no wonder then that many small business owners who attempt to handle their own taxes run into problems with the Internal Revenue Service. It's wise, therefore, for small business owners to ensure they hire an accountant and consult with this financial professional throughout the year.

If a small business owner is facing allegations related to tax crimes, it's wise to immediately consult with a tax attorney. A tax attorney who deals in matters related to IRS audits, tax evasion, delinquent taxes and tax fraud can be an invaluable resource and partner when facing tax crimes charges in helping ensure for the best possible legal outcome.

Our law firm helps small business owners who may face criminal charges related to tax crimes. Our attorneys regularly handle legal matters related to tax fraud, back taxes and tax evasion.

Source: Small Business Computing, "5 Top Tax Mistakes to Avoid," Pedro Hernandez, March 13, 2013

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