Common Tax Mistakes Startups Make

By February 19, 2013Getting Started
startup tax mistakes

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:

  1. Choosing the wrong legal entity
  2. Not understanding your tax obligations
  3. Not asking for professional tax help
  4. Blending business and personal finances
  5. Not deducting business expenses
  6. Not using the right tools
  7. 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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