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

What's in this episode

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/ Chapters 00:45 Gambling Losses, BOI Reporting, and Moving an S Corp Mike explains gambling deductions, current BOI filing rules, and what happens when an S corporation moves states. 05:40 The Augusta Rule, HSAs, and Nonprofit Approval Learn how to document Augusta Rule meetings, coordinate HSA contributions, and apply for 501(c)(3) st