Navigating Tax Season: Essential Strategies for Small Business Owners
Tax season can be a challenging period for small business owners. With regulations constantly evolving and compliance standards tightening, failing to prepare properly can result in costly penalties, missed deductions, or even audits. At Mehra CPA, we help small businesses streamline their tax preparation process while optimizing financial outcomes. Below, we share expert strategies to navigate tax season with confidence and precision. Understanding Your Tax Obligations as a Small Business Every business structure—whether it’s a sole proprietorship, partnership, LLC, S corporation, or C corporation—has unique tax obligations. Proper classification is crucial for determining what forms to file, which deductions are applicable, and when taxes are due. Sole Proprietors typically report income and expenses on Schedule C of their personal Form 1040. LLCs and Partnerships must file Form 1065 and provide Schedule K-1s to members. S Corporations use Form 1120-S , while ...