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Business owners can avoid common tax time pitfalls

from The Associated Press

Small business owners who compile their own income tax returns can find themselves falling into some common quicksand pits. The mistakes can be costly if they raise a company's tax bill unnecessarily or subject it to penalties and interest in the future. Some of the problems are mechanical in nature, such as not filling out the right forms. Others are more strategic, including not considering how the deductions you take on your 2009 return might affect your taxes in future years. more

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