- Overstating Income – Ensure you claim all your expenses .. often
entrepreneurs pay for expenses from their personal funds and forget to record them as business expenses. Higher Income equals more tax to pay.
- Procrastination – Important tasks like your bookkeeping should not be left until tax time. That gives you NO financial information during the year to chart the course of your business. Make it a priority and schedule time to get it done.
- Losing Track of Transactions – Are you confident that you have invoiced out all your work? Maybe you have received a payment but can’t remember what it was for. Chances are you may not have invoiced it out!
- Confusing Pay and Draws – Pay is being treated like an employee .. which is great if you are incorporated. For sole proprietors you are basically taking a draw.
TAP Bookkeeping can help. Just give us a call.