Thomas Scott Shares Common Tax Mistakes and How to Avoid Them

May 29, 2024 – Thomas Scott, a tax partner at Aprio, shared insights with CNET in an article that was published on April 13, 2024, about common tax mistakes he has seen while serving the Technology, SaaS, Blockchain and Manufacturing industries. With the IRS increasing staff and technology in 2024 to reverse low audit rates for high-income taxpayers, avoiding these common tax mistakes becomes even more crucial.

Thomas said that business owners should avoid claiming deductions they do not qualify for, as this can raise red flags. “Small business owners who keep sloppy records often make frivolous deductions, ” he said. This can lead to audits and disallowed claims. Thomas added that “businesses that try to take incentives and credits that they don’t qualify for may cause a red flag,” highlighting the importance of accurate and honest reporting.

To read the full article, visit CNET.