Episode notes
Why Small Business Owners Owe the IRS—and How to Avoid It
In this episode of How to Lower Your Tax Bill, host Terrance Hutchins is joined by co-host T’Mia Kelly to explore the top five tax mistakes small business owners make—and how to avoid them. If tax season caught you off guard this year, this episode is packed with real-world insights and practical strategies to help you stay ahead of the IRS, avoid penalties, and better plan your business finances.
Whether you're new to entrepreneurship or a seasoned business owner, understanding these pitfalls can save you thousands.
Key Topics Covered:
- Why underpaying estimated taxes can trigger costly IRS penalties
- The “Safe Harbor” and “Pay-As-You-Go” methods for managing estimated payments
- Why paying in cash doesn't ...