At DeedeePack, we don’t just do your books — we teach you how to understand them. Our goal is to empower clients with knowledge, so you always know where your money is going.
Financial habits that help entrepreneurs scale without the stress.
•Easy-to-follow tax prep checklists
•Walkthroughs of your financial reports
•Free articles and resources for clients
5 Biggest Tax Mistakes Small Businesses Make
1. Mixing Business and Personal Finances Swiping the same debit card for groceries and for office supplies? That’s a big no-no. The IRS wants clean separation. Without it, deductions get messy and audits get scarier. Fix: Open a dedicated business bank account and credit card. Keep personal transactions out. 2. Poor Recordkeeping (or No Records at All) Shoebox full of receipts? Missing mileage logs? That’s how deductions vanish. If you can’t substantiate it, you probably can’t deduct it. Fix: Use bookkeeping software (QuickBooks, Wave, Excel templates) and keep digital copies of receipts. 3. Missing Estimated Tax Payments Many small business owners think they can 'just pay at tax time.' Nope. The IRS expects quarterly estimated payments if you’ll owe $1,000+ at year’s end. Skip them = penalties. Fix: Set aside a % of income (20–30%) into a tax savings account. Pay quarterly using EFTPS. 4. Not Taking Advantage of Deductions and Credits Forgetting home office, vehicle mileage, retirement contributions, or Section 179 depreciation? You’re literally leaving money on the table. Many businesses under-claim because they’re afraid of red flags. Fix: Work with a tax pro who knows small business deductions cold. 5. Waiting Until the Last Minute Scrambling on April 14th with missing receipts and panicked emails is a recipe for mistakes. Rushing = overlooked deductions, errors, and higher stress. Fix: Keep books current monthly, schedule quarterly check-ins, and prep for tax season year-round.
*Bonus Mistake: Not hiring a professional when the business starts growing. DIY works for a side hustle; it does not work when you have employees, contractors, or multiple revenue streams.
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