Kiplinger articles appeared as paid placements.
Small-business owners are increasingly being congratulated for their contributions to the economy. They create jobs, provide much-needed services, promote diversity and put money back into their communities.
Yet, those same business owners often are so busy with their day-to-day pursuits that they neglect their own financial needs. In doing so, they miss opportunities to protect the revenue that can help them further grow their business and secure their retirement.
That particularly holds true when it comes to taxes. I can tell you from personal experience that paying taxes is easily the most frustrating part of owning a successful small business — and finance is what I do for a living. I know others face even bigger challenges — either because they don’t know what they don’t know or because they’re afraid they’ll do something to get the attention of the IRS and they’ll be audited. As far as audits go, there are two points to keep in mind.