{"id":2027,"date":"2021-03-24T06:00:00","date_gmt":"2021-03-24T12:00:00","guid":{"rendered":"https:\/\/web.blockadvisors.com\/?p=2027"},"modified":"2024-07-08T14:51:09","modified_gmt":"2024-07-08T20:51:09","slug":"small-business-owner-unintended-tax-consequences","status":"publish","type":"post","link":"https:\/\/hrbscaletest.hrblock.com\/resource-center\/small-business-tax-prep\/small-business-owner-unintended-tax-consequences\/","title":{"rendered":"5 small business tax issues &#8212; and how to avoid them"},"content":{"rendered":"\n<p>When people choose to become their own boss, they may not be thinking of potential small business tax problems they could run into.<\/p>\n\n\n\n<p>Because of extra tax responsibilities,&nbsp; small businesses may experience more interaction with the IRS and state Departments of Revenue and worry about <a href=\"https:\/\/web.blockadvisors.com\/can-get-irs-audited\/\">business return audits<\/a>.<\/p>\n\n\n\n<p>Why is this the case? Small business owners are navigating many complicated issues from quarterly tax payments to <a href=\"https:\/\/web.blockadvisors.com\/how-economic-injury-disaster-loans-can-help-small-businesses\/\">Economic Injury Disaster Loans<\/a>. Simply put, there are a lot of details to get right\u2014starting with a W-2 worker\u2019s salary that must be reported to the IRS and state governments by the <a href=\"https:\/\/web.blockadvisors.com\/w-2s-due-year-1099s\/\">W-2 deadline<\/a> \u2014 as well as the income and deductions business owners need to claim accurately on their own business tax returns.<\/p>\n\n\n\n<figure class=\"wp-block-gallery alignright has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"350\" data-id=\"7987\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2024\/07\/small-business-tax-issues.jpg\" alt=\"looking over small business tax issues \n\" class=\"wp-image-7987\" srcset=\"https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2024\/07\/small-business-tax-issues.jpg 500w, https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2024\/07\/small-business-tax-issues-300x210.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/figure>\n<\/figure>\n\n\n\n<p>Additionally, small businesses also have more complex tax responsibilities, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/web.blockadvisors.com\/quarterly-tax-payments\/\">Quarterly tax payments<\/a><\/li>\n\n\n\n<li>Payroll tax deposits and filings<\/li>\n\n\n\n<li>Reporting payments to contractors each year<\/li>\n\n\n\n<li>Sales tax reporting<\/li>\n\n\n\n<li>State and local licensing requirements<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-common-small-business-tax-problems\">Common small business tax problems<\/h2>\n\n\n\n<p>So, if you\u2019re thinking about &nbsp;<a href=\"https:\/\/web.blockadvisors.com\/starting-your-own-business\/\">starting a business<\/a> this year, be mindful of potential small business tax issues. Here are the most common difficulties you could face:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-not-paying-self-employment-tax\">1 &#8211; Not paying self-employment tax<\/h3>\n\n\n\n<p>New small business owners may be surprised when filing their tax return for the first time for this reason: In addition to income taxes, you owe an additional 15.3% in self-employment tax on your net self-employment income. While employees and employers share the burden of Social Security and Medicare taxes equally by paying 7.65% each, a self-employed individual must pay the full amount.<\/p>\n\n\n\n<p>On the bright side, you may be able to take advantage of &nbsp;multiple small business and <a href=\"https:\/\/web.blockadvisors.com\/freelance-and-small-business-tax-deductions\/\">self-employed tax deductions<\/a> to offset the additional tax requirements, including the <a href=\"https:\/\/web.blockadvisors.com\/home-office-deduction-2\/\">home office tax deduction<\/a> and mileage.<\/p>\n\n\n\n<p><strong>Pro tip:<\/strong> Looking for the right form to file self-employment taxes? Learn more about <a href=\"https:\/\/web.blockadvisors.com\/schedule-se\/\">Schedule SE<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-not-filing-quarterly-estimated-tax-payments\">2 &#8211; Not filing quarterly estimated tax payments<\/h3>\n\n\n\n<p>As a self-employed business owner, you don\u2019t have taxes withheld from a paycheck like traditional, W-2 employees. Generally, if you expect to have a tax liability of at least $1,000, you should send&nbsp;<a href=\"https:\/\/web.blockadvisors.com\/quarterly-tax-payments\/\">quarterly tax payments<\/a>&nbsp;to the IRS.<\/p>\n\n\n\n<p>Not knowing or forgetting about quarterly estimated tax payments may result in significant interest and penalties. You can also&nbsp;get help with paying estimated taxes for your small business with our <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/tax-pro-services\/quarterly-tax-payment-service\/\">Quarterly Tax Payment Service<\/a>&nbsp;to&nbsp;ensure&nbsp;you\u2019re paying the lowest amount in quarterly taxes for $99 \u2014 a value of $150.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-failing-to-report-cash-payments\">3 &#8211; Failing to report cash payments<\/h3>\n\n\n\n<p>Cash-based businesses require detailed bookkeeping to substantiate income and expenses. With cash-based businesses, <a href=\"https:\/\/web.blockadvisors.com\/1099-nec\/\">Forms 1099<\/a> can be used to substantiate income. All income should be reported, whether shown on a 1099 or not. Some IRS small business audits begin with gauging if a business has reported all of its income.<\/p>\n\n\n\n<p>Need some extra hands to manage your books? If you&#8217;re self-employed or own a business, we have the <a href=\"https:\/\/www.blockadvisors.com\/small-business-bookkeeping-services\/\">bookkeeping services<\/a> and tools to keep you on track, ensure your books are accurate and save time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-over-deducting-business-expenses\">&nbsp;4 &#8211; Over-deducting business expenses<\/h3>\n\n\n\n<p>Phones, home offices, <a href=\"https:\/\/web.blockadvisors.com\/everything-you-need-to-know-about-business-travel-deductions\/\">business travel expenses<\/a>, and entertainment expenses are all commonly deducted by small business owners to lower taxable income. Yet, IRS rules around business versus personal expenses are confusing for some, especially new entrepreneurs.<\/p>\n\n\n\n<p>In fact, the IRS perceives many of these expenses to be personal in nature (and therefore not deductible). Because of this,&nbsp;<a href=\"https:\/\/web.blockadvisors.com\/spring-clean-your-financial-clutter\/\">detailed record keeping<\/a> is essential. You have to prove your expenses are business related in the case of an IRS audit. <\/p>\n\n\n\n<p><em>Tools can help! For mileage tracking, consider using an app-based tool like the one from <a href=\"https:\/\/www.everlance.com\/blocktax?utm_source=Partner&amp;utm_medium=Block&amp;utm_campaign=Block_Blog-SMB_5-Tax-Issues\">Everlance<\/a>. It lets you easily track your car mileage using IRS compliant rates.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-failing-to-file-is-your-small-business-not-paying-taxes\">5 &#8211; Failing to file \u2013 Is your small business not paying taxes?<\/h3>\n\n\n\n<p>Some small business owners don\u2019t file because they simply can\u2019t pay the tax balance due. There are major tax consequences associated with your <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/cant-pay-business-taxes-right-away\/\">small business not paying taxes<\/a>. Not filing (or filing late) equates to interest and penalties, including a 25% failure to file penalty, which is tacked onto your overall tax bill if it is five months or more late.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-get-help-with-your-small-business-tax-issues\">Get help with your small business tax issues<\/h2>\n\n\n\n<p>As a new business owner, put taxes and bookkeeping at the top of your to-dos. Otherwise, you could wind up with a larger-than-normal tax bill.<\/p>\n\n\n\n<p>But, here\u2019s the good news: you don\u2019t have to tackle this alone. Let Block Advisors help you <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/online-tax-filing\/\">file small business taxes online<\/a> or with a tax pro. It&#8217;s time to establish a game plan for your <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/\">small business taxes<\/a> this year to help avoid potential IRS scrutiny.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.blockadvisors.com\/find-a-pro\/\">Make an appointment<\/a> now!<\/p>\n\n\n\n<figure class=\"wp-block-pullquote has-border-color\" style=\"border-color:#14AA40\"><blockquote><p>&#8220;I would say that Block Advisors made the process so simple and stress-free.&#8221;<\/p><cite>&#8211; Rachael, Independent contractor | April 2021<\/cite><\/blockquote><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>When people choose to become their own boss, they may not be thinking of potential small business tax problems they\u2026<\/p>\n","protected":false},"author":1,"featured_media":5189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1171],"tags":[],"class_list":["post-2027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-small-business-tax-prep"],"acf":[],"yoast_head":"<title>Small Business Tax Issues | Block Advisors<\/title>\n<meta name=\"description\" content=\"Small business owners may have unintended tax issues that could significantly affect their business. 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