As an integrative wellness business owner (really just a business owner), it’s easy to make costly tax mistakes.
Here are two common mistakes and a solution for each of them!
Tax Mistakes Made by Integrative Wellness Businesses
Poor Business Structure Choice
It is critical to start off on the right foot; this is especially true when starting your own wellness business. Before opening the doors, you must decide what form of business structure will work best for you. For example sole proprietorship, partnership, limited liability company, or corporation. Lots of fellow business owners will give you advice based on their own experience, but we think you should consult a qualified individual to determine the best business structure for you. It comes down to the type of wellness business you run, financial situation, and the number of owners involved.
Waiting Until the Last Minute
Since you’re busy operating your wellness business, it’s easy to understand how both time and important tasks can slip by–before you know it, taxes due. Have you been keeping up with your records?
During your day-to-day business, it’s easy to throw your receipts and other documents in a folder or a box until tax season. However, this is not the best use of your time.
Organizing that stack of receipts and client/employee information takes longer when you are forced to do it all at once. Plus, you are more likely to make mistakes when you feel rushed.
How to Stay Compliant
TaxBandits is a comprehensive tax filing software designed to fit the needs of your business and nonprofit organizations.
You can file any business tax forms that you need quickly and easily with TaxBandits. Check them out today! There’s no cost until you file a form.