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8 Financial Mistakes Entrepreneurs Need To Avoid I Ep 14
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“Do not wait till the end of the year to start digging for deductions and shopping for refunds. That is a horrible strategy.” In today's episode, I’m discussing the eight financial mistakes that entrepreneurs constantly make. I provide tips and strategies for avoiding these mistakes and managing key performance indicators to improve business efficiency and profitability.
You’re now tuned into Tender, Love, and Cash - The place where ambitious men and women turn to for business strategies that not only skyrocket their profits, but also position them to serve the masses and make money doing what they love. I can’t promise to always tell you what you want to hear. But I’ll guarantee you’ll get the guidance you need to hear to launch, grow and build the business of your dreams with confidence! Hosted by Amber Anthony.
Timestamps:
(1:48) - Mistake #1: Not understanding partnership breakdowns
(5:37) - #2: Not understanding important Internal Revenue Codes
(10:08) - #3-4: Commingling funds & Not having accurate books, records, and financial statements
(14:13) - #5: Not understanding audit triggers and low-impact deductions
(17:39) - #6: Tax planning is year-round
(19:52) - #7-8: Not understanding tax avoidance vs. tax evasion & Not knowing your KPIs
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