It’s that time of year again. Tax season. This time, you’re sure you’ve got things under control. Yes, you’re stressed, you have eight different spreadsheets open on your screen, and you’re waiting for yet another government website to load, but you’re almost at the finish line. And after spending hours filling out multiple forms—triple-checking that you’ve made the right estimated payments, tracked the right expenses, and applied the right deductions—you finally file your taxes.
But as the weeks go by, a little feeling of doubt keeps nagging at you: Are you absolutely certain you provided the correct information? Could you have made a mistake without realizing it? You’re months into 2019, but you can’t stop thinking about your 2018 taxes. As if on cue, your mail person tosses a thick envelope on your desk. It’s a letter from the Internal Revenue Service.
Don’t let this nightmare become your reality this year. Before you file your return, be sure you’re not falling prey to one of these all-too-common mistakes business owners make during tax time.