Avoid These Mistakes If You’re A Small Business Owner

small business

Whenever tax time comes around, being a small business owner can be stressful.

You have to keep track of tax deadlines, distribute your employees’ income statements, and complete your business and personal tax return all at once.

With that in mind, you may slip up and make a few tax errors. Here are some common mistakes and how to avoid them.

Underpayment of estimated tax

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Illinois’ Gas Tax Doubles & What That Means For You

illinois gas tax

Gas taxes are on the rise

However, Illinois is one of the states that increased dramatically. The motor fuel tax (such as gasoline, gasohol, and compressed natural gas) doubled from 19 cents per gallon to a whopping 38 cents per gallon.

The diesel fuel tax (such as diesel fuel, liquefied natural gas, and liquefied petroleum gas) increased by 5 cents now making it 45.5 cents.

What’s the reason for the tax hike?

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6 Facts For Filing Taxes By the Tax Deadline

tax deadline 2019

The tax deadline is April 15, 2019!

For residents of Maine and Massachusetts, they have until April 17 to file their 2018 tax return. Here’s some important information you need to know for filing by the tax deadline.

 1.  You need to report ALL of your income.

If you don’t report all of your taxable income; all income that is subject to withholding; you will need to amend your return using Form 1040X when the IRS gets a hold of your information.

Not only that, but you may even end up owing money back to the IRS.

2.  You can file without a W-2.

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