This post was contributed by a community member. The views expressed here are the author's own.

Local Voices

With Business Tax Deadline Approaching, New Book Provides Helpful Savings Tips to Business Owners

As we approach the business tax filing deadline of March 15, many small business owners are scrambling to make it in time.  To alleviate the tax stresses and confusion, financial professional and tax strategist Bill Cummings has written a new book that uncovers the 13 biggest tax mistakes and what you can do to avoid them. 

"Bad Luck or Bad Business" is a book featuring the 13 most common mistakes business owners make. 

 

Find out what's happening in Tampawith free, real-time updates from Patch.

In Cumming's book, he points out pitfalls that lead to a higher tax bill. Among them are some of the following:

1.       Selecting the wrong business entity

Find out what's happening in Tampawith free, real-time updates from Patch.

2.       Selecting the wrong retirement plan

3.       Missing real estate deductions

4.       Missing the many allowed deductions available to business owners

5.       Not maximizing personal wealth when cashing out

 

"The biggest tax mistakes happen well before March 15," says Cummings. "Those who take the DIY approach rarely have the knowledge or experience needed to successfully navigate our country's complex tax codes. Business owners who hire an accountant may get tax prep, but not tax planning. For business owners, tax planning is essential."

 

A certified tax coach, Cummings reveals to business owners the importance of hiring the right financial assistance so they can focus on their business and use every legal deduction and loophole possible.   

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?