Q&A: Are You Making These Common Small Business Tax Mistakes?

Small tax mistakes can cost you thousands, even when you think you’re doing everything right.From missing a filing deadline to misunderstanding how a deduction works, small errors can quickly turn into penalties, lost deductions, and a higher tax bill.In this episode, Mike answers real tax questions from small business owners covering gambling losses, BOI reporting, moving an S corporation to another state, the Augusta Rule, HSAs, late 1099s, estimated tax penalties, startup expenses, vehicle write-offs, and more. He breaks down the rules, explains the available options, and shares practical steps to help you stay compliant and avoid costly tax mistakes.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters00:45 Gambling Losses, BOI Reporting, and Moving an S CorpMike explains gambling deductions, current BOI filing rules, and what happens when an S corporation moves states.05:40 The Augusta Rule, HSAs, and Nonprofit ApprovalLearn how to document Augusta Rule meetings, coordinate HSA contributions, and apply for 501(c)(3) status.10:20 Health-Sharing Plans, Late 1099s, and Estimated Tax PenaltiesMike covers health-sharing deductions, missed 1099 deadlines, and penalties after a late-year property sale.16:25 Seasonal Income, Inventory Credit, and Pre-Revenue BusinessesFind out how seasonal businesses handle estimated taxes, how much inventory to finance, and what to file before earning revenue.20:15 Late Schedule C Filings, C Corp Owner Pay, and Vehicle Write-OffsMike explains prior-year Schedule C filings, how C corporation owners are paid, and choosing between mileage and actual vehicle expenses.Resources Mentioned: 👉 www.FinCen.gov Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.