Tax Traps for Young Entrepreneurs: Navigate with Success
As a young entrepreneur, navigating the complexities of taxes can be daunting. Making mistakes in this area can lead to costly consequences. To help you avoid common pitfalls, here are some key tax mistakes young entrepreneurs often make and practical tips on how to steer clear of them.
Mixing Personal and Business Expenses
One of the most common mistakes is failing to separate personal and business expenses. Mixing these can lead to confusion during tax filing and potential IRS scrutiny. Create separate bank accounts and credit