Tax season is here, and if you’re feeling the pressure to get everything in order, you’re not alone. Many individuals and business owners find themselves overwhelmed by missing paperwork, confusing forms, and the looming IRS deadline.
The good news? You can still file accurately and on time while avoiding costly mistakes. TriStar Tax and Business Solutions specializes in tax preparation and QuickBooks cleanup to help small businesses manage their tax preparation. Below are five common tax filing mistakes—and how to avoid them.
1. Rushing Through the Filing Process & Overlooking Deductions
The Problem:
When you’re short on time, it’s easy to make hasty decisions, including missing out on valuable deductions. Many filers forget to claim business expenses, home office deductions, or even charitable contributions.
The Consequence:
Overlooking deductions means you could be overpaying your taxes or making errors that trigger an audit.
The Solution:
- Let TriStar review your tax return to ensure you’re claiming every eligible deduction.
- Use our QuickBooks cleanup services to organize expenses and maximize deductions before filing.
2. Incorrect or Missing Information
The Problem:
A simple typo—whether it’s an incorrect Social Security number, EIN, or bank account information, can delay your refund or flag your return for further review.
The Consequence:
Errors in your tax return could lead to IRS notices, missed refunds, or even rejected filings.
The Solution:
- Double-check your personal and business information before submitting your return.
- Work with TriStar to review your records and ensure accuracy, preventing costly filing errors.
3. Misclassifying Workers (1099 vs. W-2 Employees)
The Problem:
One of the most common tax mistakes for businesses is misclassifying workers—labeling an employee as an independent contractor or vice versa.
The Consequence:
If the IRS reclassifies your workers, you could owe back taxes, penalties, and interest for unpaid payroll taxes.
The Solution:
- TriStar offers expert payroll and bookkeeping guidance to ensure compliance.
- We’ll audit your worker classifications and ensure you’re filing correctly before the deadline.
4. Filing Late or Failing to File Altogether
The Problem:
Some taxpayers simply run out of time and miss the deadline, leading to hefty penalties and interest.
The Consequence:
The IRS imposes penalties for late filings, including 5% per month on unpaid taxes—a cost that adds up quickly.
The Solution:
- Tax preparation services: TriStar can help you get organized and file correctly before the deadline.
- Filing an extension: If you need extra time, we can file an extension and help you develop a tax strategy to avoid penalties.
5. Not Seeking Professional Help When Needed
The Problem:
Many taxpayers attempt to file using tax software, but DIY solutions don’t catch every deduction or provide personalized guidance.
The Consequence:
Without expert review, you could be leaving money on the table—or worse, making costly mistakes that lead to an IRS audit.
The Solution:
- TriStar’s experienced tax professionals will ensure your return is accurate, maximizing refunds and reducing tax liability.
- We offer QuickBooks cleanup to ensure your financial records are in perfect shape before filing.
- Peace of mind: With TriStar, you don’t have to stress—we’ll handle the details while you focus on what matters most.
Don’t Let Tax Season Overwhelm You—TriStar is Here to Help!
Tax season doesn’t have to be overwhelming. Contact TriStar Tax and Business Solutions so you can file confidently and on time and avoid these common mistakes.
TriStar Tax & Business Solutions is locally owned and family-operated, with five locations in Nashville, Hendersonville, Brentwood, Murfreesboro, and Germantown-Memphis. With the experienced accounting professionals at TriStar, you’ll receive true expertise for all your small business needs with personalized attention and affordable rates. All services are by appointment only, so schedule in advance. Walk-in appointments are not available.
Your initial consultation is free–contact TriStar Tax & Business Solutions to get started today!
TriStar Brentwood
9005 Overlook Blvd PMB 6211
Brentwood, TN 37027-5269
Phone: (615) 537-0314
TriStar Hendersonville
131 Maple Row Blvd Ste B200
Hendersonville, TN 3705-3775
Phone: (615) 537-0314
TriStar Nashville
1300 Clinton St Ste 204
Nashville, TN 37203-7008
Phone: (615) 537-0314
TriStar Murfreesboro
640 Broadmor St
Murfreesboro, TN 37129-2747
Phone: (615) 537-0314
TriStar Germantown – We Moved!
1924 Exeter Rd Ste 4
Germantown, TN 38138-2976
Phone: (901) 853-8502