Small businesses can face problems during tax preparation if they are not organised. A common mistake is not keeping accurate and updated financial records, which can lead to missed deductions or errors. Mixing personal and business expenses can also create confusion and tax issues. Many business owners forget to track all eligible deductions, such as home office or vehicle use. Filing taxes late or ignoring deadlines can result in penalties. Not seeking professional help when needed may lead to costly mistakes. To avoid these problems, stay organised throughout the year, separate business finances, keep receipts, and understand your tax obligations clearly.
To read more, click here- https://www.forbes.com/councils/forbesfinancecouncil/2025/04/22/common-mistakes-for-small-businesses-to-avoid-in-tax-preparation/
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