Five Common Tax Problems That Can Bring Small Businesses Come to a Halt
Small businesses spend the highest percentage of their time preparing and submitting taxes. And yet they run into some tax problems that can be the bane of their businesses. Why so? Tax requirements are complex and change almost every year. According to reputed tax accountants in Calgary , small businesses experience several tax problems due to the extra tax responsibilities that come with being your own boss. However, you can try avoiding the mistakes if you are aware of them first. So, here are the five most common small business tax problems that you should be aware of. 1. Underpayment of taxes Underpayment of taxes occurs when the business owner doesn’t pass the collected sales tax along to the state as supposed to. The tax authorities hold the business owner or anyone involved in the business operation responsible if the collected sales tax doesn’t get paid on time. Tax accountants in Calgary reported that small business owners often also underpay their personal