Accounting tips

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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