3 Bookkeeping Mistakes, Don’t do this!

Running your own business? Even tiny bookkeeping mistakes can end up being a huge pain. Here are 3 mistakes to avoid.

#1 Completing your own tax return – Running your own business is complicated enough, and it’s always better to have a professional do your taxes. If you end up doing it yourself and you make a mistake, you might draw attention of the IRS.

#2 Combining business and your own personal expenses – When you just start running your usiness, you might get into the bad habit of using your personal account or credit card for the occasional business purchases, or you end up making a personal purchase with business funds. Don’t do this, this makes for very messy bookkeeping because you will have to sort this out later, and you might miss out on some really good tax write offs.

#3 Throwing away reciepts – As you know, most of us throw away our everyday personal reciepts, but it’s a must to save business receipts. When doing taxes, your accountant will have an easier time to include all your expenses. And if the IRS decides to look into your return, you’ll have the peace of mind to proved that your write offs are accurate and true.

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