How to Avoid Mistakes That Will Cost You at Tax Time

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Most small business owners don’t become small business owners because they like to keep intricate records and spend their days navigating Quickbooks.  They became business owners because they have a passion about their business and the products they sell.  Bookkeeping is just a nasty side effect of that passion (and yes, it’s a good thing to actually pay your employees).

Even though tax time is a whole 9 months away, it’s never a bad time to start planning ahead to April.  Entrepreneur has put together this 60 second video with some great tips on how to avoid making mistakes when it comes to keeping your books in order, so you’re not in a heap of trouble when tax time rolls around.

 

Speaking of tax time, don’t forget to take advantage of the Section 179 deduction which will allow you to deduct up to $130,000 in equipment.  That’s a huge break for a business of any size.

How do you keep your books in order?

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