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Entrepreneur

Properly File Your Business Taxes

podcast March 6, 2024


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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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