Most entrepreneurs don’t get too excited about filing taxes. Self-employment taxes can be high and it can also be a challenge to keep all your financials organized throughout the year. The fact that you might have to pay taxes four times a probably won’t help your enthusiasm either.
Paying taxes are inevitable though, and you’ll want to make little to no mistakes to make the process run much smoother. Here are three quarterly tax reporting mistakes you’ll want to avoid.
Not Paying Quarterly Estimates in the First Place
Waiting around until the April deadline to file your taxes can be a huge mistake if you’re self-employed. The IRS charges a penalty if you don’t pay quarterly estimated taxes so it can be easily avoided….