Building a successful business from the ground up is never easy – but making one or more of the following critical errors can make your journey from start-up to exit significantly more challenging. Learn from the mistakes of others by avoiding these common missteps when starting a new business. 1.

Working hard to resolve real-time challenges in your business is just part of being an owner – but sometimes, concentrating your efforts in the wrong places can potentially hold your business back. Understanding the importance of working on your business, and not in it, will help you become a better

Summer is coming and that means the IRS will soon be updating their Dirty Dozen, which is the bureau’s annual list of the most notable tax scams in the country. Every year these scams become more sophisticated and difficult to spot – but if you follow these simple tips, recognizing

Every business owner knows keeping a quality set of books is vital for staying in compliance – but having access to this data for tax returns is just one reason why accurate accounting is important. Work proactively, not reactively Without an accurate picture of your company’s financial position, you wind

If you have been operating as a sole proprietorship or a general partnership, you may benefit from incorporating your business as an S corporation (S corp). Along with having your business treated as a pass-through entity by the IRS, thereby avoiding double taxation, structuring your enterprise as an S corp

Avoiding an IRS Audit Making a mistake with reasonable compensation is one of the fastest ways a business owner can be flagged for an audit. Avoid being targeted by the IRS by paying yourself a “reasonable” amount. What is Reasonable Compensation and How do I Calculate it? According to IRS.gov,