• SHOP
  • SITES
  • NEWSLETTER
  • CEO HACKS
  • GLOBAL SEARCH
  • WEB SUPPORT
  • CONTACT
Rescue a CEO
  • Advice
    18 Entrepreneurs Share Some of The Best Leadership CEO Hacks and Resources

    18 Entrepreneurs Share Some of The Best Leadership CEO Hacks and Resources

    8 Entrepreneurs and Business Owners Explain How Coaching Has Affected Their Leadership Style

    8 Entrepreneurs and Business Owners Explain How Coaching Has Affected Their Leadership Style

    16 Entrepreneurs Reveal How They Market Their Business During the Slower Months

    16 Entrepreneurs Reveal How They Market Their Business During the Slower Months

    21 Entrepreneurs Share Advice on Building a Team

    30 Entrepreneurs Share Advice on Building a Team

    7 Entrepreneurs Share How They Approach Tax Planning

    7 Entrepreneurs Share How They Approach Tax Planning

    8 Entrepreneurs Share Advice on Securing Venture Capital

    8 Entrepreneurs Share Advice on Securing Venture Capital

    30 Entrepreneurs Share How they Find, Recruit and Attract Talent

    30 Entrepreneurs Share How they Find, Recruit and Attract Talent

    30 Entrepreneurs Share Their Best Delegation Tips

    30 Entrepreneurs Share Their Best Delegation Tips

    30 Entrepreneurs Share How They Stop Burnout from Happening

    30 Entrepreneurs Share How They Stop Burnout from Happening

  • Productivity
    16 Entrepreneurs Share How They Focus

    16 Entrepreneurs Share How They Focus

    30 Entrepreneurs Explain the Best Ways to Get Out of One’s Comfort Zone

    30 Entrepreneurs Explain the Best Ways to Get Out of One’s Comfort Zone

    30 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    30 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    30 Entrepreneurs Share Their Thoughts on The Future Impact of Coworking

    30 Entrepreneurs Share Their Thoughts on The Future Impact of Coworking

    29 Entrepreneurs Explain Why They Have OR Don’t Have A Virtual Assistant

    29 Entrepreneurs Explain Why They Have OR Don’t Have A Virtual Assistant

    30 Entrepreneurs Explain How They Maintain Balance as CEOs

    30 Entrepreneurs Explain How They Maintain Balance as CEOs

    25 Entrepreneurs Explain The Best Ways to Get Out of One’s Comfort Zone

    25 Entrepreneurs Explain The Best Ways to Get Out of One’s Comfort Zone

    Teaching an Old Dog New Tricks – How Working From Home is Cultivating a Creativity Revolution

    Becoming Productive: Finding Your Balance

    20 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    20 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

  • Answers
    30 Entrepreneurs Explain How They Use Their Blog for Business

    23 Entrepreneurs Explain How They Use Their Blog for Business

    17 Entrepreneurs Explain How They Keep Track of Their Numbers

    17 Entrepreneurs Explain How They Keep Track of Their Numbers

    30 Entrepreneurs Explain How They Retain Top Talent

    30 Entrepreneurs Explain How They Retain Top Talent

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Share How the Workplace Has Changed

    30 Entrepreneurs Share How the Workplace Has Changed

    30 Entrepreneurs Share What They Had to Pivot and Shift Within Their Business During the Digital Migration

    30 Entrepreneurs Share What They Had to Pivot and Shift Within Their Business During the Digital Migration

    30 Entrepreneurs Share How They Stop Burnout from Happening

    30 Entrepreneurs Share How They Stop Burnout from Happening

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

  • Marketing
    30 Entrepreneurs Explain How They Use Their Blog for Business

    23 Entrepreneurs Explain How They Use Their Blog for Business

    25 Entrepreneurs Share Their Thoughts on SEO and Its Future

    25 Entrepreneurs Share Their Thoughts on SEO and Its Future

    11 Entrepreneurs Explain How They Use Their Podcast for Business

    11 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    29 Entrepreneurs Explain How They Use Their Podcast for Business

    29 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Podcast for Business

  • Blog
  • MORE
    • START
    • FAQ
    • NEWSLETTER
    • HACKS
    • ABOUT
    • SITES
    • GUEST POSTS
    • WEBSITE SUPPORT SERVICES
  • Community
    • FREE CBNation Buzz Newsletter
    • Premium CEO Hack Buzz Newsletter
No Result
View All Result
Rescue a CEO
  • Advice
    18 Entrepreneurs Share Some of The Best Leadership CEO Hacks and Resources

    18 Entrepreneurs Share Some of The Best Leadership CEO Hacks and Resources

    8 Entrepreneurs and Business Owners Explain How Coaching Has Affected Their Leadership Style

    8 Entrepreneurs and Business Owners Explain How Coaching Has Affected Their Leadership Style

    16 Entrepreneurs Reveal How They Market Their Business During the Slower Months

    16 Entrepreneurs Reveal How They Market Their Business During the Slower Months

    21 Entrepreneurs Share Advice on Building a Team

    30 Entrepreneurs Share Advice on Building a Team

    7 Entrepreneurs Share How They Approach Tax Planning

    7 Entrepreneurs Share How They Approach Tax Planning

    8 Entrepreneurs Share Advice on Securing Venture Capital

    8 Entrepreneurs Share Advice on Securing Venture Capital

    30 Entrepreneurs Share How they Find, Recruit and Attract Talent

    30 Entrepreneurs Share How they Find, Recruit and Attract Talent

    30 Entrepreneurs Share Their Best Delegation Tips

    30 Entrepreneurs Share Their Best Delegation Tips

    30 Entrepreneurs Share How They Stop Burnout from Happening

    30 Entrepreneurs Share How They Stop Burnout from Happening

  • Productivity
    16 Entrepreneurs Share How They Focus

    16 Entrepreneurs Share How They Focus

    30 Entrepreneurs Explain the Best Ways to Get Out of One’s Comfort Zone

    30 Entrepreneurs Explain the Best Ways to Get Out of One’s Comfort Zone

    30 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    30 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    30 Entrepreneurs Share Their Thoughts on The Future Impact of Coworking

    30 Entrepreneurs Share Their Thoughts on The Future Impact of Coworking

    29 Entrepreneurs Explain Why They Have OR Don’t Have A Virtual Assistant

    29 Entrepreneurs Explain Why They Have OR Don’t Have A Virtual Assistant

    30 Entrepreneurs Explain How They Maintain Balance as CEOs

    30 Entrepreneurs Explain How They Maintain Balance as CEOs

    25 Entrepreneurs Explain The Best Ways to Get Out of One’s Comfort Zone

    25 Entrepreneurs Explain The Best Ways to Get Out of One’s Comfort Zone

    Teaching an Old Dog New Tricks – How Working From Home is Cultivating a Creativity Revolution

    Becoming Productive: Finding Your Balance

    20 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    20 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

  • Answers
    30 Entrepreneurs Explain How They Use Their Blog for Business

    23 Entrepreneurs Explain How They Use Their Blog for Business

    17 Entrepreneurs Explain How They Keep Track of Their Numbers

    17 Entrepreneurs Explain How They Keep Track of Their Numbers

    30 Entrepreneurs Explain How They Retain Top Talent

    30 Entrepreneurs Explain How They Retain Top Talent

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Share How the Workplace Has Changed

    30 Entrepreneurs Share How the Workplace Has Changed

    30 Entrepreneurs Share What They Had to Pivot and Shift Within Their Business During the Digital Migration

    30 Entrepreneurs Share What They Had to Pivot and Shift Within Their Business During the Digital Migration

    30 Entrepreneurs Share How They Stop Burnout from Happening

    30 Entrepreneurs Share How They Stop Burnout from Happening

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

  • Marketing
    30 Entrepreneurs Explain How They Use Their Blog for Business

    23 Entrepreneurs Explain How They Use Their Blog for Business

    25 Entrepreneurs Share Their Thoughts on SEO and Its Future

    25 Entrepreneurs Share Their Thoughts on SEO and Its Future

    11 Entrepreneurs Explain How They Use Their Podcast for Business

    11 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    29 Entrepreneurs Explain How They Use Their Podcast for Business

    29 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    30 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Podcast for Business

  • Blog
  • MORE
    • START
    • FAQ
    • NEWSLETTER
    • HACKS
    • ABOUT
    • SITES
    • GUEST POSTS
    • WEBSITE SUPPORT SERVICES
  • Community
    • FREE CBNation Buzz Newsletter
    • Premium CEO Hack Buzz Newsletter
No Result
View All Result
Rescue a CEO
No Result
View All Result

Starting a new business? Avoid these common tax pitfalls

in Advice
Reading Time: 2 mins read

For many entrepreneurs, starting a new business can be intimidating, but extremely rewarding. However, many entrepreneurs and business owners are focused on so many different elements of the business that they overlook some simple steps that can save them money when it comes time to pay Uncle Sam.

Here are some tips regarding the biggest tax mistakes entrepreneurs make, according to Jessie Seaman, a licensed tax professional with the Tax Defense Network, which provides businesses financial advice and tax resolution services around the country.

RelatedPosts

18 Entrepreneurs Share Some of The Best Leadership CEO Hacks and Resources

8 Entrepreneurs and Business Owners Explain How Coaching Has Affected Their Leadership Style

16 Entrepreneurs Reveal How They Market Their Business During the Slower Months

  1. Employee vs. subcontractor: When a business pays individuals for work done that benefits the business, they are either paid via 1099 or W-2. Business owners sometimes have a hard time determining whether to categorize the worker as an independent contractor or an employee that should be on payroll. If the IRS determines the worker is an employee rather than a contractor, costly penalties are assessed and a large tax bill will result due to unpaid Social Security and Medicare.
  2. Commingling: Keeping business income and expenses in a separate account from personal income and expenses is crucial. Business bank statements should be solely used for business expenses, and no personal charges or withdrawals should come out of those accounts. If business and personal funds are commingled, the owner/shareholders/members could find themselves personally on the hook for business tax debts.
  3. Tax-Defense-logoPayroll: Paying employees can be very complicated and takes a significant amount of time to do if you are not a professional in the field. Each employee must complete a W-4 for federal withholding, the employer must match the employees’ Social Security/Medicare payments, and this money must be deposited weekly, monthly, or quarterly with the IRS. If the deposits are made one day late or are for an incorrect amount, hefty penalties are assessed. Unemployment returns must be paid, and states and localities that have income tax also require regular deposits and filings. W-2s/W-3 forms must be filed with the SSA annually too.
  4. Accounting: Many business owners do an annual accounting to prepare their tax return, but how does the business know how much money it is making throughout the year? A profit and loss statement should be updated every month so the business can easily see where money is coming in and where money is bleeding out of.  In order to maximize profit, a business owner needs to have a clear idea of how the revenue is being spent and what can be cut back.
See also  The Simplest Ways to Deal with Business Debt

This post is courtesy of Jessie Seaman. She is a licensed tax professional with the Tax Defense Network. The Tax Defense Network’s team of licensed tax professionals, enrolled agents and CPAs has resolved over $120 million in tax debt. The Tax Defense Network is A+ rated by the Better Business Bureau.

Tags: accountingcomminglingJessie SeamanpayrollsubcontractorsTax Defense Network
Previous Post

Simplify and Clarify: Using Technology to Uncover Hidden Savings

Next Post

10 Startup Tips For Businesses In 2014

Related Posts

18 Entrepreneurs Share Some of The Best Leadership CEO Hacks and Resources
Advice

18 Entrepreneurs Share Some of The Best Leadership CEO Hacks and Resources

To be an entrepreneur and business owner, you have to understand leadership and be excellent at it. There are numerous...

8 Entrepreneurs and Business Owners Explain How Coaching Has Affected Their Leadership Style
Advice

8 Entrepreneurs and Business Owners Explain How Coaching Has Affected Their Leadership Style

The evolution of leadership style has been profoundly influenced by the dynamic and enlightening journey of coaching. This process of...

16 Entrepreneurs Reveal How They Market Their Business During the Slower Months
Advice

16 Entrepreneurs Reveal How They Market Their Business During the Slower Months

Slowing sales can be a foreboding sign that a business is failing to retain customers and attract new ones. During...

21 Entrepreneurs Share Advice on Building a Team
Advice

30 Entrepreneurs Share Advice on Building a Team

Building a team involves more than just the right hiring and effective management. As a business leader, you have to...

Next Post

10 Startup Tips For Businesses In 2014

4 Tips to Ensure Your Email Marketing Avoids the Dreaded SPAM Folder

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join CBNation Buzz

Name(Required)
Email(Required)
This field is for validation purposes and should be left unchanged.

Welcome to CBNation Welcome to CBNation powered by Blue16 Media (Web Design & SEO). We are a B2B brand that is exists to help over 1M business owners succeed. Our philosophy and foundation is based on resources, visibility & connections (Visibility + Resources x Connections = Success). We are focused on being the #1 business resource for CEOs, entrepreneurs and business owners.

We hope you enjoy this site, and please let us know if we can be of any help!

Please note in the sake of transparency our sites do contain affiliate links that pay us a small commission at no extra cost to you. Read our Affiliate Disclaimer.
CBNation Library
CEO Hacks
I AM CEO Volume 3

RSS Our Latest CBNation Content:

  • 7 Entrepreneurs Explain How They Use Their Podcast for Business
  • IAM1865 – Performance Coach Helps Women to Focus on Inner Work and Mindset Mastery
  • IAM1864 – Transformational Coach Empowers Leaders and Achieve Life Goal Potential
  • IAM1863 – Innovator and Author Shares About Resiliency to Community Leaders and Healthcare Advocates
  • 14 Entrepreneurs Describe Their Leadership Style
  • 19 Entrepreneurs Share Why They Started Their Own Business

Our Sponsors

Subscribe

Join thousands of subscribers & be the first to get new freebies.

Name(Required)
Email(Required)
This field is for validation purposes and should be left unchanged.

What is CBNation?

We're like a Global Business Chamber but with content...
LOTS OF IT

CBNation includes a library of blogs, podcasts, videos and more helping CEOs, entrepreneurs and business owners level up

CBNation is a community of niche sites for CEOs, entrepreneurs and business owners through blogs, podcasts and video content. Started in much the same way as most small businesses, CBNation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice.

CBNation curates content and provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.

+ Mission: Increasing the success rate of CEOs, entrepreneurs and business owners.

+ Vision: The media of choice for CEOs, entrepreneurs and business owners.

+ Philosophy: We love CEOs, entrepreneurs and business owners and everything we do is driven by that. We highlight, capture and support entrepreneurship and start-ups through our niche blog sites.

Visit CBNation

RSS Our Latest Content:

  • 7 Entrepreneurs Explain How They Use Their Podcast for Business
  • IAM1865 – Performance Coach Helps Women to Focus on Inner Work and Mindset Mastery
  • IAM1864 – Transformational Coach Empowers Leaders and Achieve Life Goal Potential
  • IAM1863 – Innovator and Author Shares About Resiliency to Community Leaders and Healthcare Advocates
  • 14 Entrepreneurs Describe Their Leadership Style
  • 19 Entrepreneurs Share Why They Started Their Own Business
  • IAM1862 – Coach Helps Entrepreneurs Elevate Their Productivity By Rewiring Their Brains
  • IAM1861 – Executive Life an Leadership Coach Helps Clients Make an Impact on the World
  • Monday Motivation: When All Is Lost, You Have Everything To Win
  • Entrepreneur Specializes in Sustainable Talent Buying

©2023 CBNation | Powered by CEO Blog Nation & Blue16 Media | Terms of Service | Privacy Policy | Affiliate Disclaimer | Website Support Services

No Result
View All Result
  • Advice
  • Productivity
  • Answers
  • Marketing
  • Blog
  • MORE
    • START
    • FAQ
    • NEWSLETTER
    • HACKS
    • ABOUT
    • SITES
    • GUEST POSTS
    • WEBSITE SUPPORT SERVICES
  • Community
    • FREE CBNation Buzz Newsletter
    • Premium CEO Hack Buzz Newsletter
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
 Share This
 Facebook