Top 8 Common Tax Mistakes to Avoid This Year | Tips for Individuals & Small Businesses

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Gimme Some Truth | Investing, Financial Advice for High-Net-Worth Families and Individuals

Walkner Condon Financial Advisors

267 episodes

4 days ago

In a world full of financial information – and misinformation – what do you believe and incorporate into your life, and what do you throw away? As an independent, fee-only financial advisor, one of our founding pillars is education. Through accessible, transparent communication, we help filter out the noise for our clients to allow them to focus on their financial future. The goal of our podcast, Gimme Some Truth, is no different. From the corner of Monroe St. in Madison, WI, we cover the intersection of financial planning, investing, and everyday life. Disclosure: walknercondon.com/podcast

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Top 8 Common Tax Mistakes to Avoid This Year | Tips for Individuals & Small Businesses

Gimme Some Truth | Investing, Financial Advice for High-Net-Worth Families and Individuals

20 minutes 29 seconds

7 months ago

Top 8 Common Tax Mistakes to Avoid This Year | Tips for Individuals & Small Businesses

Are you making costly tax mistakes without even knowing it? In this episode of Gimme Some Truth, tax pros from WC Tax Services reveal common personal and business tax errors—from filing misconceptions to missed deductions, backdoor Roth mishaps, and LLC misclassifications. Learn how to protect your wallet, avoid IRS penalties, and streamline your tax filing strategy.

📌 Timestamps:00:00 – Introduction & Guest Welcome

01:00 – How Common Are Tax Mistakes?

02:45 – Why the Tax Code Is So Confusing

04:30 – Common Personal Mistake #1: Tax Extension Myths

06:10 – Penalties: Filing Late vs Paying Late

08:00 – Mistake #2: Overlooked Deductions and Credits

10:10 – Mistake #3: Cost Basis Misreporting

13:00 – Mistake #4: Backdoor Roth IRA Errors

15:00 – DIY Taxes vs Hiring a Professional

16:30 – Business Mistake #1: Estimated Taxes Mismanagement

18:10 – Business Mistake #2: Ignoring Form 1065 for Partnerships

19:50 – Business Mistake #3: Misunderstanding LLC Tax ClassificationTopics Covered:IRS tax filing errors

Tax extension deadlines vs payment deadlines

Deduction and credit eligibility

Cost basis issues with stocks & inheritance

Backdoor Roth conversion trapsEstimated quarterly tax payments for freelancers

Filing requirements for partnerships (Form 1065)

LLC vs S-Corp vs Sole Prop tax elections

Benefits of hiring a tax professional

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