I love this blog post from Upstart Business Journal with 7 common tax mistakes US-based startups make. And even though the post was from December 2012, the concepts and recommendations are so fundamental that I doubt they would change much year to year. You can find the post here. Their list includes the following:
- Choosing the wrong legal entity
- Not understanding your tax obligations
- Not asking for professional tax help
- Blending business and personal finances
- Not deducting business expenses
- Not using the right tools
- Not paying quarterly taxes
Get some good advice from a professional in the beginning. Unwinding or correcting for some financial-related or tax-related mistakes can be a serious distraction and even risk your odds of fundraising.
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