7 Mistakes Business Owners Make

Over the years I have identified common mistakes that business owners make. Since the March 15th deadline for Partnerships and Corporations is looming; I feel this is the most appropriate time to examine common mistakes, and provide helpful tips to avoid these mistakes. But most importantly you can use these tips moving forward in 2017. Let’s examine: Misclassification of Loans Made to Business- Owners borrow and make personals loans to their business. But often, these transactions aren’t properly recorded as loans and could be classified as revenue that will be taxed. Tip: Identify these transactions and advise your accountant or tax professional of non-revenue deposits made to your business. Maintaining… Read More

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