Leading accountant Pauline Ho founder of Laus Consulting Services LLC in Orlando, FL recently highlighted common tax misunderstandings that trip up small business owners. For more information please visit https://lausconsult.com
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In a recent interview, leading CPA Pauline Ho, head accountant at Laus Consulting in Orlando, FL, highlighted the common misconceptions surrounding small business taxes.
For more information please visit https://lausconsult.com/
When asked to comment, Ho stated, “Small business taxes are notoriously complex. Despite this, many small business owners try to manage their taxes independently during tax season, often without having all the correct information."
According to Ho, small business owners should be aware of a few common misconceptions.
One widespread tax myth is that small business owners don’t need to pay quarterly taxes.
“Elaborating on this, Ho said, “Unless you’re a W-2 employee or a freelancer with taxes being withheld, you’re required to pay quarterly income and self-employment taxes at both the state and federal levels."
She continued, "A good rule of thumb is to set aside 30% of your income to cover quarterly taxes, which are due on January 15, April 15, June 15, and September 15. An experienced accountant can guide you through completing these quarterly payments specific to your situation."
Another common misconception among small business owners is that all business-related expenses can be deducted.
“While many business expenses are deductible, claiming too many deductions can risk triggering an audit. The best approach is to consult with a tax professional to ensure you claim only what you’re entitled to,” she advised.
Ho pointed out that standard business deductions include meals and entertainment, advertising, communication, insurance, and a home office.
Another prevalent misconception is that CPAs and tax professionals merely fill out tax forms.
“Tax professionals are trained and licensed to navigate the tax landscape. This includes knowledge of company structuring and deductions, which can help your business save money in the long run. Additionally, anyone licensed to prepare taxes must stay updated with the latest changes in the tax code,” she added.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Pauline Ho
Email: Send Email
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814
Phone: 407-401-9768
Website: https://lausconsult.com
Release ID: 89144956
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