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Episode 230: Top Tax Mistakes Small Businesses Make & How to Avoid Them
🎤 What are the top tax mistakes small business owners make, and how can you proactively avoid them?
đź“ť In this episode, Gary Heldt interviews Tina Azarvand, the Managing Partner at Azarvand Tax Law. Tina shares insights into common tax mistakes small business owners make, strategies for proactive tax planning, and how her firm uniquely supports entrepreneurs by simplifying tax and legal processes. From payroll tax penalties to the importance of good record-keeping, Tina highlights actionable tips to help small businesses stay compliant and maximize their financial health.
Key Takeaways:
S Corp Compliance: Avoid inadvertent terminations by understanding “reasonable compensation” requirements.
Record-Keeping Essentials:Â Keep receipts organized digitally to prepare for audits and avoid penalties.
Proactive Payroll Tax Management:Â Payroll taxes should be a top priority; penalties can snowball quickly.
The Cohen Rule:Â If you lose receipts, the IRS allows reasonable estimates, but staying organized is better.
Student Loan Payment Benefits (CARES Act, Section 2206): Employers can pay up to $5,250 directly to employee loans, exempt from income tax and FICA—valid through 2025!
 How to Reach Tina Azarvand:
Email:Â [email protected]
Phone:Â 410-698-4005
Learn more about your ad choices. Visit megaphone.fm/adchoices
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By Gary Heldt
5
1212 ratings
🎤 What are the top tax mistakes small business owners make, and how can you proactively avoid them?
đź“ť In this episode, Gary Heldt interviews Tina Azarvand, the Managing Partner at Azarvand Tax Law. Tina shares insights into common tax mistakes small business owners make, strategies for proactive tax planning, and how her firm uniquely supports entrepreneurs by simplifying tax and legal processes. From payroll tax penalties to the importance of good record-keeping, Tina highlights actionable tips to help small businesses stay compliant and maximize their financial health.
Key Takeaways:
S Corp Compliance: Avoid inadvertent terminations by understanding “reasonable compensation” requirements.
Record-Keeping Essentials:Â Keep receipts organized digitally to prepare for audits and avoid penalties.
Proactive Payroll Tax Management:Â Payroll taxes should be a top priority; penalties can snowball quickly.
The Cohen Rule:Â If you lose receipts, the IRS allows reasonable estimates, but staying organized is better.
Student Loan Payment Benefits (CARES Act, Section 2206): Employers can pay up to $5,250 directly to employee loans, exempt from income tax and FICA—valid through 2025!
 How to Reach Tina Azarvand:
Email:Â [email protected]
Phone:Â 410-698-4005
Learn more about your ad choices. Visit megaphone.fm/adchoices
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