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Forgetting To Charge & File Sales Tax Before starting a business, it is important to familiarize yourself with sales tax laws and liabilities. Not Having a Budget Every business needs to have a budget, as many small businesses have a limited cash flow, and it typically takes time for a new business to make a profit.
If you don't have a reasonably strong background in accounting and business tax law, you shouldn't handle your own bookkeeping. Claiming "Charitable Contribution" Tax Deductions Although individuals are allowed to write off donations given to qualified charitable organizations on personal returns, businesses have different limitations.
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