07/02/2026
Tax mistakes can be costly for small business owners who are unaware of them. These mistakes can lead to significant financial losses due to lost deductions or penalties. Here are eight common tax mistakes that are often made:
• Mixing personal and business expenses
• Failing to claim legitimate deductions
• Ignoring GST/HST obligations
• Poor bookkeeping practices
• Not tracking mileage for business purposes
• Misplacing receipts
• Not claiming home office deductions
• Forgetting to charge GST/HST.
Avoiding these mistakes can result in substantial savings for businesses. Save this post to refer to during tax season.