With many business tax returns due on April 15th, the Small Business tips today discuss common tax return errors and how to avoid them.
- The most common business tax return error is also the easiest to avoid – make sure the return is signed by a company officer.
- According to the IRS, the #2 business tax return error is failing to include the correct tax ID number. Is yours correct?
- Incorrect sequencing or missing forms are easily preventable return errors. Review the instructions for each return one last time.
- Late or inaccurate election to be treated as an S corporation. This is a big one, because an invalid election will mean your corporation will be subject to double-taxation for the year.
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