7 BIG Tax Mistakes Business Owners Make & How to Fix Them

In this video, we're going to talk about big tax mistakes business owners and new entrepreneurs make.

Are you new to business? Maybe taxes just aren't your thing.

This video goes over the 7 biggest tax mistakes I see business owners make.

These mistakes cost a lot of time AND money.

Watch to learn how you can avoid these costly tax mistakes.

Intro: (0:00)
Mistake #1: (0:42)
Mistake #2: (1:43)
Mistake #3: (3:19)
Mistake #4: (4:12)
Mistake #5: (5:12)
Mistake #6: (6:16)
Mistake #7: (7:13)

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[briancarlisi]

Love your channel! Please keep the info coming. Thank you!

[willielittle]

Young, gifted, and black. Thank you for your channel. Your business videos is like a ministry. It is a knowledgeable channel for many hard working people looking to learn more about, finances, tax liability, and money management. 👍 job.

[KOKOFINANZAS]

Hello Excellent channel 💕 you are very smart God Bless you 🙏 I have a question 🤔💭 If I am in the 12% bracket what can I deduct in order to get more money 💰 ❓I hope you could understand my point 🤔💭❓

[strongjohn]

Good as usual Krystal. I just started my LLC this month. I’ve already had my side business through out this year. Do I start my LLC now when I take a loss or gains or do I start from the beginning of this year. Hope that makes senses. Wish your firm was in Los Angeles. Thanks

[demetriows]

On #7 I think I also heard that if you have large enough W-2 earnings using an S-corp may not be useful since the W-2 earnings get you to a tax cap on employee deductions. Is that right?