3 Common Mistakes Made on Restaurant Tax Returns

tax returns Feb 21, 2020

It’s scary to hand over control to someone who doesn’t know your business as well as you do, but also has expertise you have to count on. That is exactly what happens between an accountant and a business owner. You rely on your accountant to make important decisions about your taxes based on their knowledge of the tax code, but also hopefully based on knowledge specific to your business.

This leaves many business owners with anxiety about their tax returns and a lack of understanding of why they pay so much in taxes when they felt like they didn’t even make any money.

Unfortunately, many times your business tax return can contain material errors that can cause you to owe more in taxes each year. To help you avoid these, below are three common mistakes and tips on how to correct them on your 2019 return :

  1. How sales are being reported: This is a key question to ask your accountant or bookkeeper as it is the basis for your annual return as well as your monthly sales...
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