One of the best ways to keep your business in good standing is to properly file all taxes associated with
your business. Taxes are like Thanos, they are inevitable. Lol All jokes aside though, being behind on
paying your business taxes can get you and your business some unwanted attention from a number of
agencies. Our company’s actual name is M&T Parker LLC, and we do business as Watchforthehook. We
have never filed business taxes as Watchforthehook ever. Rule number is to file the taxes under the
name of company associated with the proper employee identification number (EIN) or taxpayer ID
number with the Internal Revenue Service (IRS). Listen, we have seen lots of businesses who tried to
deceive state and government agencies and ended up paying a hefty price for those deceptive
practices.
Business taxes are usually due before personal taxes are due, so keep that in mind too. Also
understanding and filing the proper business deductions when filing business taxes is crucial as well.
These deductions can lessen the money owed to the IRS or other agencies. The money generated or
lost form your business will then have to be applied as earned income or net losses applied to the
money you earned personally the previous tax year. Tune in this episode to understand why properly
filing your business taxes are necessary.
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Elzie Flenard talks with legal entrepreneur, James Grant, who reveals the challenges and triumphs of scaling a business. From navigating team dynamics during growth phases, to maintaining focus on the […]
