Avoid potential fees and fines caused by common misconceptions surrounding the tax code
North Vancouver, BC -- (ReleaseWire) -- 02/22/2019 --Running a small business is tough. As a group of US Tax Accountants, the team at US Tax Professionals knows the complexity of the tax code can generate a lot of potentially costly mistakes. A new article on the company website addresses seven common small business tax myths. For more, go to: https://us-taxprofessionals.com/newsletter.php#2
Briefly, the seven misconceptions addressed in the article include:
Start-up costs are deductible immediately
- Overpaying the IRS makes you audit-proof
- You can make more deductions if a business is incorporated
- The home office deduction is a red flag
- You can't deduct business expenses if you don't take the home office deduction
- An extension to file provides an extra six months to file any owing taxes
- Part-time business owners cannot set up self-employed pension plans
The article provides a comprehensive overview of each of the seven points. For example, when it comes to incorporating a business, "The good news is that self-employed individuals (sole proprietors and S Corps) qualify for many of the same deductions that incorporated businesses do. As such, becoming incorporated is often an unnecessary expense and burden that many small business owners don't need.
"For instance, start-ups can spend thousands of dollars in legal and accounting fees to set up a corporation, only to discover soon after that they need to change their name or take the company in a different direction. Furthermore, plenty of small business owners who incorporate don't make money for the first few years and find themselves saddled with minimum corporate tax payments and no income."
When it comes to cross-border taxation in Vancouver, the professional accountants at US Tax Professionals can help avoid costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of entitled deductions, giving the IRS more money than necessary. To speak to a US tax accountant today, call (604) 281-3318.
About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.
For more information, visit http://www.us-taxprofessionals.com/ or call (604) 281-3318
US Tax Professionals
Company Website: http://www.us-taxprofessionals.com