Lance Drury Law
Ste. Genevieve 573-883-3056
Columbia 573-886-8900
St. Louis 314-200-0003

Tax time challenges for businesses

Tax season can have its challenges for any type of taxpayer. However, when a taxpayer owns a small business, there is a whole set of added potential headaches they can be facing.

Business tax issues have many complex aspects. Given this complexity and other factors, many special challenges can come up for business owners when it comes to tax season. This includes challenges regarding:

  • Having all the right information: There are all kinds of income and expense information that it can be critical for a company to have when tax time comes around. Finding this information can sometimes be tough, particularly without strong record-keeping practices. This is why good record-keeping and making sure record-keeping systems they use have been set up properly can be so important for businesses.
  • Costs: There can be many expenses for a business related to keeping its tax filings in line with the law. Inadvertently failing to have their taxes in compliance with the law, however, could expose a business to even greater costs. So, many significant cost-related questions could come up for a small business during tax season.
  • Keeping track of deadlines: There are many different deadlines for businesses when it comes to taxes. Among the things that can make keeping track of such deadlines difficult is that they can sometimes change. For example, this tax season is seeing some changes to business-related tax deadlines, such as changes in some of the deadlines related to C corporations and partnerships.

So, this time of year can be a particularly stressful one for small business owners. What stress relief methods would you recommend for small business owners this tax season?

Now, tax season is not the only time small business owners can feel large amounts of tax-related stress. Another is when tax disputes arise with the IRS or other tax agencies regarding their company. Such disputes could be over a range of different things. Some examples include payroll taxes, sales taxes or deductions the business took. As companies can have special concerns and issues when it comes to tax season, they can also have special concerns and issues present when it comes to tax disputes. So, when a business owner is dealing with a tax dispute related to their company, they may want the help of an attorney skilled at handling business-related tax disputes.

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The Law Firm of Lance R. Drury
150 Merchant Street
Ste. Genevieve, MO 63670

Phone: 314-200-0003
Fax: 573-883-3095
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St. Louis, MO 63127

Phone: 314-200-0003
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Columbia, MO 65201

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