As a small business owner with a lot on your plate, the last thing you need is to make any tax filing mistakes that could bring the IRS to your doorstep. Often getting audited by the IRS isn’t always the result of intentional acts. Here are five of the most common tax filing mistakes that are likely to get you a dreaded letter from the IRS asking for more information: 1. Under-Reporting Income Whether you are a freelancer, a brick-and-mortar…
As a small business, your financial health is vital. Profit and cash flow are essential elements of a thriving business, but they aren’t the same thing. As you grow your business, you’ll need to understand the difference between making and managing money. Even if you are the best at selling your products or services, you may fall short if you run into cash problems. Here’s what you need to know about profit vs. cash flow for your small business: What’s…
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