Hey there, small business owner! If you’re like most of the entrepreneurs we work with, navigating taxes probably doesn’t top your list of favorite things to do. But getting ahead of tax planning? That can save you time, money, and a lot of headaches. At Insogna CPA, we’ve helped countless business owners in Austin (and beyond) avoid costly mistakes and keep more of what they earn. Let’s walk through the most common tax planning pitfalls and how you can dodge them.
1. You’re Forgetting Quarterly Tax Payments
If you’ve ever been hit with a penalty for missing an estimated tax payment, you’re not alone. Many business owners don’t realize they need to pay taxes quarterly—and the IRS doesn’t exactly send friendly reminders.
How to Fix It: The key is planning ahead. A reliable Austin, Texas CPA can help you calculate what you owe, set up a payment schedule, and avoid surprises. You deserve to keep your hard-earned money, not hand it over to penalties and interest.
2. You’re Missing Out on Tax-Saving Elections
Ever heard of the S-Corp election or the Qualified Business Income (QBI) deduction? If not, you could be leaving money on the table. These tax-saving opportunities aren’t automatic—you have to know about them and actively elect to use them.
How to Fix It: Sit down with a trusted CPA in Austin, Texas who knows the ins and outs of these strategies. We’ll help you figure out what works best for your unique business structure, so you’re never missing a chance to save.
3. Your Bookkeeping Practices Are Stuck in the Past
Are you still manually tracking your expenses or relying on outdated software? If so, you’re making things way harder than they need to be—and potentially missing out on valuable deductions.
How to Fix It: Upgrade to cloud-based bookkeeping and consider teaming up with an Austin accounting service. A good accountant can clean up your books, catch errors, and set you up for success when tax season rolls around.
4. You’re Mixing Personal and Business Finances
If you’ve ever paid for something personal with your business card—or vice versa—you’re not alone. But combining personal and business expenses can lead to messy books, missed deductions, and unnecessary scrutiny from the IRS.
How to Fix It: Keep things simple. Open dedicated business accounts and credit cards. Need help setting it up? An Austin, TX accountant can guide you through it and even help clean up past mistakes.
5. You’re Missing Tax Deadlines
Missed deadlines are more than just a headache—they can be expensive. Whether it’s filing your annual return or paying quarterly taxes, late filings mean penalties, interest, and a lot of stress.
How to Fix It: Make tax deadlines a no-brainer. Partner with one of the top CPA firms in Austin, Texas, like Insogna CPA, to track important dates and file everything on time. With our team by your side, you’ll never have to worry about missing a deadline again.
6. You’re Overlooking R&D Tax Credits
Think R&D tax credits are only for big companies? Think again. If you’re investing in innovation—whether it’s developing a new product, improving a process, or experimenting with new technologies—you might qualify for this credit.
How to Fix It: Don’t guess. Work with an experienced Austin tax accountant who knows how to identify and claim these credits. It could mean significant savings for your business.
7. You’re Waiting Until the Last Minute for Tax Planning
Tax planning isn’t just something you do in April. If you wait until the end of the year, you’ve already missed out on most of the opportunities to lower your tax bill.
How to Fix It: Proactive, year-round planning is the game-changer. Working with an Austin small business accountant ensures that you’re staying ahead of tax-saving strategies, from maximizing deductions to planning for growth.
Let’s Make Tax Planning Easy
Taxes don’t have to be stressful or confusing—especially when you’ve got the right team in your corner. At Insogna CPA, we specialize in helping business owners just like you take control of their finances. Whether you’re looking for a reliable Austin accounting service or expert guidance from one of the top Austin CPA firms, we’re here to help you save time, money, and hassle.
Ready to get started? Reach out today to schedule a consultation with an experienced CPA in Austin, Texas, and see how we can transform your tax planning experience. Let’s work together to make sure your business thrives!