We find that the average small business is overpaying $8,000 to $12,000 in taxes every year. So, for those of you out there that decided seven years ago not to file your taxes anymore, that was a mistake and needs to be fixed immediately. You must understand that it is against the law for you not to file your taxes. However, it is not illegal to not pay taxes, but it is frowned upon. You have to file, and you can get hit with up to a 25% penalty for being a late filer.

If you’re a business owner or have 1099 income, you must know that the IRS already has your 1099 income, but they do not have your expenses.

This means that until you file the return, even if it is a loss, that is not what the IRS thinks. Amending tax returns means that we are finding money for you that you did not know you were entitled to. If you want OTB Tax to take a look at last year’s books, or even the year before, book a time below that we can discuss your situation from years gone by, and help you have a more relaxing and less taxing life.