Here are tips to keep you out of trouble.
- Understand the basics of accounting and its terminology. Consider taking an accounting basics course.
- Beware of mixing personal and business transactions. Keeping separate records for each is important for both IRS and credit history reasons.
- Realize that no one can be an expert at everything. Hire an accountant to keep your finances straight and to stay in compliance with the IRS.
Source: Markovitz Dugan & Associates
