Tax Services: Three Common Tax Problems Faced by Businesses

Businessman working though tax problems

For large businesses and small businesses alike, tax problems present themselves each year for a variety of reasons. There are many precautions that your business can take to avoid certain tax problems, but without professional tax services, it can be difficult to stay on top of every potential problem. Today, LongSchaefer wants to help your business avoid these problems. In this blog post, we’ll evaluate three common tax problems faced by businesses. 

Failure to Track Deductible Expenses

For businesses that do not utilize expense accounts, it’s crucial that you are keeping track of all of your deductible expenses. Failing to keep track of deductible expenses is a common tax problem for businesses that don’t have a specific credit card or banking account for expenses. Failing to keep track of these expenses means that you are likely missing out on tax savings. Make sure to keep all your receipts to avoid the need for professional tax services. 

IRS Audits

Few things are more stressful for a business than receiving an audit letter from the IRS. There are several red flags that might get your business audited, including year-over-year net losses, consistent late filings, and salaries that are higher than usual for your industry. Audits take significant time and energy, as you gather documents and records to substantiate items on your tax return. The IRS is thorough and isn’t going to let you off easy, so it’s important to have proper representation if faced with this tax problem. At LongSchaefer, we offer IRS audit representation that will help save your business time and money during the audit process. 

Payroll Taxes

There aren’t many things worse in the eyes of the IRS than failing to pay your payroll taxes. A significant portion of payroll taxes are your employees’ withholdings, which immediately puts the IRS on guard. The penalties that come with failing to pay your payroll taxes are often more severe than other tax problems, so you shouldn’t take payroll taxes for granted. If you are behind on these taxes, you will want to make it a priority for your business and avoid the IRS knocking on your door. 

Contact LongSchaefer for Tax Services

If your business is facing a tax problem, whether it’s an audit, payroll taxes, or another issue altogether, LongSchaefer tax services can help. For more information on the tax services we can provide for your business, get in touch with us at (513) 245-0300 or contact us online today. 

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May 2020 COVID-19 Update

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