Too many business owners unknowingly give away thousands of dollars to the IRS every year simply because they don't know the tax code. What if you could keep more of your hard-earned money---legally? The biggest tax-saving opportunities are often hidden in plain sight. Are you missing out?On this episode of Become Sensible, we break down the most common tax mistakes business owners make, from poor bookkeeping habits to incorrect entity selection and missed deductions. You'll learn why simply "setting and forgetting" your tax strategy could be costing you thousands. Plus, we'll cover crucial tax changes, overlooked deductions, and strategic tax planning techniques to help you keep more money in your pocket.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps:0:00 -- Introduction: The most common tax mistake business owners make0:51 -- Why business owners overpay in taxes and how fear plays a role2:00 -- The "set it and forget it" mentality that leads to missed deductions2:54 -- How tax laws change frequently and why staying updated is crucial4:14 -- The impact of new tax regulations and upcoming changes6:09 -- Common tax overpayment scenarios and how to avoid them8:00 -- The importance of entity selection for tax efficiency9:51 -- Overlooked business deductions that could save you thousands12:00 -- Why bookkeeping mistakes lead to higher taxes and how to fix them13:21 -- Structuring your income and expenses to legally reduce taxes14:48 -- The power of tax planning: When and how to work with a tax professional16:09 -- Why last-minute tax planning won't work---and what to do instead Hosted on Acast. See acast.com/privacy for more information.

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