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Small businesses need to avoid costly tax mistakes


For small businesses, avoiding costly mistakes is important, as anytime these companies suffer from professional liability cases, they could be in financial trouble.

To help small businesses with their decisions regarding daily operations and federal tax law obligations, the IRS recently hosted a tax webinar.

The webinar is part of the IRS' Small Business Week, during which it will attempt to help these business with any potentially troubling areas of concern.

"When you're running a business, you don't need to be a tax expert, too. But you do need some basics to stay tax compliant so your business can thrive," said Faris Fink, IRS commissioner for the small business and self-employed division.

According to Fink, several tax credits and deductions are available for small businesses to take advantage of. Thus, it is in these businesses' best interests to understand the IRS' tools and services to best position themselves.

For small businesses, every dollar counts. Come tax season, avoiding any problematic areas could be the difference between a successful fiscal year and a potentially damaging one. Thus, the IRS' advice could be helpful for many. 

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