Taxes

Accounting is a broad subject, but we are going to look at accounting from the tax man’s point of view. I’ve seen a lot of people lose money in the first few years of running their business, because they don’t have a good understanding of the Internal Revenue Tax Code.

This causes them to not keep the proper records that can be used to mitigate their tax liability. While you may bring someone onto your team like a tax advisor, accountant or payroll company to handle that part of the business, remember that it is still the business owner’s fault if a mistake is made and you need to know the law to tell if they are doing it right.