Fixing Business “Boo-Boos”

May 13, 2017 by Mark Battersby

Every mobile entertainment operation faces an ever-increasing amount of red-tape, rules, regulations, fees, and taxes that they must contend with. Just on the federal level, according to the U.S. Small Business Administration, there are 3,348 federal regulations in the pipeline, with nearly 1/3 impacting small businesses directly.

At the same time that new rules are proliferating, enforce- ment on every level is becoming more aggressive, more issue- focused—with even more, costly results.
It doesn’t take an experienced business owner to know that mistakes are inevitable. Fortunately, a combination of strat- egies and unique tax write-offs can help any DJ, VJ or KJ avoid potential pitfalls and make many of the changes necessary to grow their operation’s profitability. Consider the “heart” of many mobile entertainment businesses: their tax bills.
Correcting or amending an already-filed income tax return because of errors, omissions, mistakes, overlooked deduc- tions or changes in our tax laws is actually encouraged by the IRS. Although it should come as no surprise that few taxpayers amend their returns to report formerly overlooked, additional income, some changes can mean substantial tax savings.

Read the rest of this article and check out the full issue at http://www.mobilebeat.com/emagscurrent/179

Mark Battersby Mark Battersby (5 Posts)


Filed Under: 2017, Business