The biggest challenge facing business owners when it comes to taxes is understanding all of the deductions and credits that are available. There are many deductions and credits that can help to reduce your tax liability, so it is important to take advantage of them if you can.    Another challenge facing business owners is keeping good records. Good record-keeping can help you to take advantage of deductions and credits, as well as avoid mistakes in your taxes.    Finally, another challenge facing business owners is making sure that they file their taxes on time. If you do not file your taxes on time, you may be subject to late fees and interest charges.    By understanding the challenges facing business owners when it comes to taxes, you can be better prepared to handle your own taxes.