5 Tax Mistakes You Can Still Avoid This Season

Are you making tax mistakes this season? In this brief, we explore common tax mistakes that small businesses still have time to avoid this tax season. From missed deductions to mixing personal and business finances, staying compliant can save your business from penalties and unnecessary stress.

5 Tax Mistakes Small Businesses Must Avoid

1. Mixing Personal and Business Finances
Combining your personal and business expenses can lead to bookkeeping chaos, missed deductions, and tax trouble. Always keep a separate business bank account to manage your finances more effectively.

2. Ignoring Bookkeeping
Neglecting to track income and expenses can cause tax-time stress. Use an income statement template to keep accurate records and make smarter business decisions year-round.

3. Missing Tax Deadlines
Missing key tax deadlines can result in penalties and interest. Mark all SARS filing and payment dates on your calendar to stay compliant and protect your business from avoidable costs.

4. Not Saving for Taxes
Failing to set aside money for taxes can leave you scrambling when it is time to pay. Regularly save a portion of your business income in a separate account to stay financially prepared

5. Misunderstanding Your Business Structure

Not knowing your tax business structure can lead to filing errors. Understand how being a sole proprietorship, partnership, or corporation affects your tax obligations, filing deadlines, and personal liability.

See Also ⬇️

Reasons Small Businesses Fail and How You Can Avoid Them

Small Businesses – What’s New for Taxpayers?

Sanlam Fintech Accelerator Now Open

Tax Compliant Software

Most Common Business Compliance Mistakes to Avoid

Cut Your Payables Time in Half — Let AI Do the Heavy Lifting

Tired of chasing invoices, manually entering data, and struggling to stay on top of payments? Sage Intacct’s AI-powered Accounts Payable Automation is built to free you from those time-draining tasks, so you can focus on growing your business.

Now, you can upload or e-mail an invoice and let Sage AI do the rest. It instantly extracts supplier details, amounts, and line items, and creates draft entries ready for approval. From purchase order matching to duplicate detection and smart approval workflows, it’s automation that learns your business and gets smarter every time you use it.

You’ll get full visibility across your accounts, real-time cash flow insights, and a central dashboard that tracks everything. From vendor payments to audit trails.

Whether you’re a solo finance operator or managing multiple entities, this is how modern entrepreneurs manage spend, stay compliant, and gain back hours each week.

Learn more

Your Trusted Partner in Avoiding Costly Tax Mistakes

Yolisa Molefe| Professional Tax Advisor

With 25+ years of experience in business finance, Yolisa specialises in small business tax, SARS compliance, payroll, and accounting. She’s known for making complex topics simple and practical for entrepreneurs.

Book a session and get expert guidance tailored to your business.