by Sherron Lumley. If you’re like many small business owners, tackling your company’s federal taxes falls somewhere along the panic-procrastination continuum. You want to do the job right, but dread the possibility of an audit after filing. Three U.S. tax professionals discuss some common mistakes small businesses make at tax time, and how best to avoid them.  File Fail #1 - Miscalculating Mileage, Auto Use and Depreciation Tax expert Paul Bardaro, founding partner of Rucci, Bardaro, &...

by BigIdeas4Biz The $787 billion American Recovery and Reinvestment Act of 2009, which was signed into law on February 17, 2009, is designed to spur the economy. It makes numerous tax changes for individuals and businesses. Since sole proprietors, independent contractors, LLC members, and other owners pay tax on their share of business income on their personal returns, business-related changes become highly personal! Most of the changes run for only a short time-two years, one year, or less....

If your small business joined the nearly 10 million taxpayers that received an extension on filing federal taxes this year, there are some important things to consider over the next few months. By Reed Richardson Perhaps the most basic of these is to understand that getting an extension on filing your taxes is not an extension on paying your taxes. While most small business owners are savvy enough to recognize this distinction, every year a small minority forget to send in an estimated payment...