What to do if there’s a mistake on your business taxes

By TINA OREM of NerdWallet

For small-business owners, preparing an income tax return is far from simple, which can increase the chances of making a mistake. According to two small-business pros, if you catch an error after you’ve filed your small-business tax return, the first thing to do is confirm there’s really an error on the return and make sure to stay calm. Then, determine whether you or your tax preparer will fix the mistake. Amend the tax return; get ready to pay any extra taxes, penalties and interest; then figure out how to avoid the same mistake next year.