Article - 6 Financial Mistakes Small Businesses Make All the Time

As a small business owner, how many of the 6 financial mistakes listed in this article are you guilty of?  In "6 Financial Mistakes Small Businesses Make All the Time," posted on Entrepreneur.com, the author Laura Entis gives us a list of common financial mistakes that small businesses make.

From my observation, the first mistake, "Overpaying Their Taxes," is the most common.  This can be rectified with good organization skills, good documentation, and of course a very good tax accountant would also help.

Per the article, "Too often though, small businesses make a variety of financial mistakes that allow their hard-earned money to leak away.  For example, 21 percent of small-business owners say they claim less than half of their business expenses, which means they are dramatically overpaying their taxes.  A large reason for this is the tendency not to claim small figures, which is a mistake:  Even $5 expense claims can add up, so get in the habit of saving your receipts."

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