The First of Many Dumb Mistakes:
Tracking Expenses Wrong.
Many business owners pay for expenses out of their own personal bank accounts. NO BUENO! It's also not going to be shocking to you that the business owner doesn't keep very accurate records of those expenses. Don't do that.
The IRS frowns on this. They call it co-mingling of business and personal funds. This does not look good for you if you are audited.
It's important you communicate effectively with your bookkeeper and the rest of the team. Essentially, your bookkeeper needs to make sure that everything is coded properly, or you’ll be in some hot water.
Download the rest to see all of the dumb mistakes you’re probably making and how it is costing you a lot of money in savings!