Planning your taxes is a year-round activity, but it becomes particularly important at the end of the year. As you prepare to file your small business tax return, here are some tips for maximizing your deductions and minimizing your tax liability:

Filing Your Business Tax Return

The importance of filing your business tax return

The first step in tax planning is to file your business tax return on time. If you don’t, the government may impose penalties and interest charges. This can add up to thousands of dollars over time, depending on how late you are in filing your return. In addition, if you don’t file a complete and accurate return (or even if you do), there could be additional costs associated with having to amend or correct it later on down the line when it’s too late for them not to catch any mistakes!

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