I have selected 10 of the Most Common Accounting Myths that I often hear from business owners. Myths created accidentally but most are based in truth. People like helping others with advice and that is a great thing! However, what has happened in one person's situation may not work for another person. Tax laws are created to provide clarification of the items that are deductible and apply to your business. Otherwise, we would write off all living expenses. If we write off all expenses, we will not have money to support the community and the world. Proper accounting protects ethical and honest business owners from dishonest practices of other business owners. Accountants work to help you find the tax deductions and credits that work for you through tax planning, proper bookkeeping, financial statement preparation, reporting, payroll and more.
Here's my top 10 commonly heard myths:
Accounting consultations will help you find the deductions, credits, accounting systems, and bookkeeping systems that work for you and your business. Check with a professional regarding accounting advice from non-professionals. Got questions? Join me for Ask The Accountant Tuesdays. Or to receive more personal training check out the Ask The Accountant Memberships: https://bpaccountingsolutions.com/ask-the-accountant/ask-the-accountant-q-a