Adopt a system for keeping your financial activities straight, whether it’s a notebook you use consistently, an Excel spreadsheet or software such as QuickBooks. Business owners typically make a variety of deposits into their bank account through the year, including loans, revenue from sales and cash infusions from their personal savings. The trouble is that at the end of the year, you or your bookkeeper might erroneously record some deposits as income, and consequently pay taxes on more money than you’ve actually made.
Business Tip of the Week: Record deposits correctly
- Small Business Tip of the Week: Create effective contracts
- Personal Finance Tip of the Week: Create a financial calendar
- Personal Finance Tip of the Week: Strategies for better money management
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- Personal Finance Tip of the Week: Living on Minimum, Saving the maximum