The 5 Most Common Small Business Filing Mistakes To Avoid.

Stacy Abrams

Filing taxes for your small business can be daunting and confusing. You need to file correctly so you don’t get in trouble with the IRS, but there are a lot of rules and processes to keep track of.  

It’s time to simplify your taxes! Let’s go through the most common filing mistakes small business owners make, so you can avoid them this tax season (and the rest of the year).  

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1. Missing or incorrect information

One of the simplest mistakes is forgetting to fill out part of your tax form or entering incorrect information. Even one error could flag an audit or require you to re-file, which can cause late fees and penalties.  

The most common mistakes on tax returns include: 

  • Incorrect or missing SSN or employer ID numbers
  • Misspelled names 
  • Incorrect filing status
  • Computation errors for taxable income, withholding, and deductions
  • Withholding or incorrect estimated tax payments 
  • Failing to sign/date return  



2. Not filing or paying on time

If you miss the filing deadline for taxes, your business could face a 5% penalty per month. This fee will increase each month until you file the return. If you neglect to pay your taxes, the IRS will charge 6% interest and a late payment penalty of about .5% each month after the deadline.  

If you need extra time to pay for your taxes, you should file for an extension. Don’t miss deadlines, or you’ll end up with even more owed money on your plate! 


3. Incorrect expense tracking

The most important way to prepare your taxes for April is thorough record keeping throughout the year. Failing to properly track your expenses can be one of the costliest parts of your taxes (and the biggest headache).  

If you don’t track and categorize expenses, you could miss out on deductions that could save your business a lot of money. There are a lot of deductions you may qualify for like furniture, supplies, advertising, equipment, licenses, mileage, and more.  

Worse yet, inaccurate tracking could land you in hot water if the IRS audits you and you can’t substantiate expenses.  

Make sure you keep all receipts for expenses, payroll, sales, and other costs. This makes potential audits easier and ensures you’re receiving any applicable tax breaks.  

4. Not separating business and personal

Small business owners often pay out of pocket for a lot of business expenses. Blurring this line can actually create a problem when tax time comes around. It can be harder to prove business deductions, and you may misfile between your personal and business.  

To avoid this, you should separate expenses by using separate bank and credit accounts, tracking and storing receipts separately, and paying yourself a salary rather than using business accounts to pay for personal expenses.  

5. Not working with a professional

A lot of small business owners want to cut the expense of taxes by using tax software to do it themselves. This can work for smaller businesses, but you could still miss areas or deductions that a professional would catch. In most cases, working with a professional will actually save you a lot of time, money, and errors.

The tax process can be complicated and painful, so don’t do it alone. Start by downloading our Ultimate Small Business Tax Checklist to get started. The checklist walks you through step-by-step to organize your business taxes all-year long, so you can better avoid errors and streamline the filing process. Download the checklist here. 


About the Author

Stacy Abrams is a founder of TaxFaqs. When she’s not serving her clients, she geeks out on board games, cider, and challenging her friends to top her awesome karaoke skills. She calls Bloomington, Minnesota home.

About

Hello and welcome to my little "internet piece of real estate". Make yourself at home.

My name is Stephanie Smith AKA Business Chic Mama. I coined this name because it shares 3 of my passions: business, fashion design and of course being a mom.  

I'm a wifey, a mom of a high-functioning autistic daugher and step mom. My core values? God and family first. (Yeah, don't be surprised if I read a scripture verse in one of my trainings or on my YouTube Channel).

My business venture started out after graduating with a B.S in accounting from The University of South Florida. Before I even graduated, I was working for a CPA firm and thought to myself “what am I doing here”? I felt as if something wasn’t right. Although I was “good” at balancing numbers, I wasn’t really passionate about it. After I graduated, I knew that this was not the path I wanted to take. I took on a job as an assistant buyer for a major department store chain and felt much more connected to this line of work.  

After several years of being in the “buying” world, I still felt as if this was not my true calling. It was then when I decided to go back to school to get my degree in Fashion Design. After completing my second degree, a whole new world opened up and my journey as a fashion designer started.  

My journey, like all other journeys was full of twists, turns and even deep pits. I opened my first clothing boutique and clothing line OH MY BOD® not knowing a single thing about the business, when I was 28 years old. I learned the art of perserverence through my mistakes together with ALOT of hard work and determination.  

Fast forward to now, with the new “digital age” I’m completely obsessed with growing online businesses and coaching other creative, driven entrepreneurs while helping them feel fulfilled with their calling. 

These ventures are catapulting me to new heights and I am in the process of closing the brick and mortar stores that I had built up over the years so I can focus on the next chapter in my life: to coach others and help them find their passions and grow their creative businesses and continue to grow my online empire.


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Hi, I’m Stephanie.

So this is where you check me out, to make sure I'm legit. :). In a nutshell, I've creating my life around CREATING. Whether it's dressing my models to walk the runway, importing and designing jewerly making supplies, vlogging on YouTube or managing my multiple six figure Etsy shop, my true passion is to help YOU get YOUR talent and passion out to the world so you can make money while sipping your latte emmersed in your craft. Click here for my bio.

“Are you driven? Good, because I don't want to waste anyone's time. I'll give you the plan and coaching but you gotta do the work.”

- Stephanie AKA Business Chic Mama


So if you've read this far-here's how I can help...

Click which one you relate to.

I have an Etsy Shop and I am struggling.

Hey, I totally understand ya...Running an Etsy shop can be tough. But it doesn't have to be. It takes some knowledge of what is exactly going on in your shop, testing and making corrections. 

That's me!

 I don't have an Etsy Shop but want to open one!

Great! I like your style! Starting an Etsy shop DOESN'T have to be complicated. ( I should know, I have 7 of them). But where should you start?

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What should I sell on Etsy?

This "mini' course is perfect for those of you who want to start an Etsy shop, but you aren't sure about where to start. This course will help you discover your passions and talents while learning what to look for when it comes to picking a niche. Grab this course for only $37.00


Sign Up-What should I sell on Etsy?

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This course was created for new Etsy shop owners or shop owners that are struggling with getting sales. This course features my 4 step plan to success which includes: Optimizing your shop for success, implementing an email list, PInterest for Etsy and more. $297.00 (payment plan available).

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Want to learn how to master Pinterest, Tailwind and Tailwindtrives in under 90 minutes? Get access to the PInterest section of my signature course "The Etsy Success Roadmap". You will leave this course feeling empowered and ready to get traffic to your Etsy shop on Autopilot. $27.00 for a limited time only.



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I've had my share of testing out email service providers. They all left me, how can I say, wanting more. That is why I now use ConvertKit and I couldn't be happier with it. Click the link above for a free trial.



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I've also been around the block (or two) trying out different website builders. I've built this entire website with Leadpages and have my blog hosted on Wordpress. The cool thing about Leadpages is that is super easy to use-even a total novice could build their own stunning website. LOVE...


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The "Easy as P.I.E. Etsy Shop"


Imagine, it's 3am and you are awakened by a sound. 

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Join the hundreds of Etsy shop owners that are making money with a Passive Income Etsy shop

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Join me for this special workshop where I will build a P.I.E. from scratch so you can learn the exact steps you need to open up your own Passive Income Etsy Shop 



Are you a new Etsy shop owner?

OR

 Is your current Etsy shop struggling?


You have a creative gift. You are sharing it with the world. But you are soooo darn frustrated! 

I have a secret to tell you...

I know what you are feeling.

I have 7...YES, SEVEN... Etsy shops.

Having 7 Etsy shops with 7 different niches has tought me ALOT. 

The good, the bad and the UGLY.

Let's see if we can figure out what's going on in your shop.

Open an Etsy shop

The truth is, there could be a gazillion things wrong with your Etsy shop. Things like...

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Or, maybe you are missing out on the "missing pieces"... 

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Do you keep spinning your wheels, trying to guess where the problem is?

Luckily, there are a few choices for you that can help alleviate your pain.

1

Schedule a 20 for 20

You will get 20 intense minutes of my experise for a special introductory rate of only 20 bucks. (limited slot times available)

I will audit your shop and give you suggestions based on what I see needs to be fixed.

This option is for the person on a budget who is stil willing to invest in themselves and their business.

2

Take the course that is guaranteed to get you results

The "Etsy Success Roadmap" is a premier course that I designed to give you guaranteed results.

You will get the complete roadmap of how a successful Etsy shop runs. From optimizing your listings to adding email, driving traffic from Pinterest and more. Sign up now and recieve a bonus one on one session with me.

This option is for the person who is getting nowhere with all of the freebies floating around and is serious as well as committed to growing their Etsy shop.

3

Become my apprentice 

You will work with me. Side by side.

Whether you have an Etsy shop or not, we will work together to start and or grow your Etsy shop.

I only work with committed individuals who are serious about growing a real business.

Limited spots available and by application only.

Packages start at $997.00


This option is for the individual who is all in. You are ready to be a student to learn everything their is to know about starting or running a successful shop.

Have you been thinking about opening your very own Etsy shop?


You have been thinking about opening up your own Etsy shop. You are both excited and a little nervous. 

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You are not really sure where to start.

You may or may not know much about running a business.

You are ready to dive in and start learning.

Open an Etsy shop

The truth is, now it takes more than just having a great product. In the world filled with algorithms, you need to have more. Such as,

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  • Getting traffic to your Etsy shop
  • Starting an email list 

 

The cool thing is, it doesn't have to be difficult.

You just need to start with a STRATEGY that works.

So, where do you go from here?

You can keep dreaming or be one of the few that takes massive action.

Here are a few choices that can help you get started today.

1

Dowload the "7 Phases to Starting Your Handmade Business" Roadmap

You will get an instant download which gives you the framework of what I teach all of my students in my signature course "The Etsy Success Roadmap".

This option is for the person on a budget who is willing to invest in themselves and their business. This dowload is great starting point to get some basic knowledege, inspiration and a framework of how a succesful business works.

2

Open an Easy as P.I.E. Etsy shop 

This is a fantatsic option for a person who is limited with their time or finances.

What is an easy as P.I.E Etsy shop? P.I.E. stands for Passive Income Etsy shop.

The great thing about opening a P.I.E is that you don't even need any creative talent to do so.

This option is for the person who wants to earn passive income. They are willing to invest time upfront to set everything up and also willing to invest minimal time maintaining their shop.

3

Schedule a 20 for 20

You will get 20 intense minutes of my experise for a special introductory rate of only 20 bucks. (limited slot times available).

We can discuss your goals and come up with a basic plan to get you started.


This option is for the individual who is all in. You are ready to be a student to learn everything their is to know about starting or running a successful shop.

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