Marcela Kane Lantrip is a global tax professional who has worked with a number of large organizations. Pros like Marcela Kane Lantrip help their employers avoid common tax mistakes that can cost businesses in time and money each year. Even if your business isn’t large enough to hire a professional full-time, you might still need help avoiding common business tax mistakes. For example, the mistakes below are easy to overlook from the head of an organization, but would stand out to a seasoned specialist…
- Overriding Enterprise System Data – Though using an enterprise system does present situations in which system data must be overridden, doing so regularly can create more problems than it solves. For example, if you override a system and proceed to input incorrect data, the system failsafes are unlikely to detect your problem. This can lead to audits and fees created by user error that could have otherwise been prevented by the enterprise system.
- Failing to Maximize Depreciation – Confusion about tax law often results in a failure to use advantageous tables to maximize depreciation. This most commonly occurs when an organization does not hire a tax specialist and it instead relies on untrained individuals for tax reporting.
- Incorrectly Adhering to Regulations – Incorrect regulation adherence is another problem often created by failing to hire a specialist. Tax rules and regulations are always changing, particularly if a company deals with international tax law, and only a specialized professional should be relied on to ensure proper adherence.
Working with a tax expert like Marcela Kane Lantrip could be the difference between professional success and professional failure. Business taxes are different from personal taxes, and they have a huge impact on your organization.