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The 3 Most Common Mistakes Entrepreneurs Make on Their Taxes

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This story appears in the March 2014 issue of Entrepreneur. Subscribe »

With corporate tax season upon us, I was curious about the most common--and costly--mistakes entrepreneurs make that could affect their personal finances. So I polled 25 CPAs around the U.S. to find out. Beyond the obvious--we keep sloppy records, we mix business and personal expenses--here's what they had to say.

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Misclassifying workers. This issue comes up when independent contractors you've hired are determined by the state to be employees and therefore subject to minimum wage and overtime pay, unemployment insurance, payroll taxes and workers' compensation.

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