Some small businesses have shown questionable judgment in claiming SpaghettiOs, dog clothes, plastic surgery and undergarments as tax deductions, according to a new survey of accountants.
According to the 400 U.S. accountants polled by accounting software developer Xero, the biggest mistake that small business owners make is not keeping their financial records up to date, followed by a lack of understanding about their tax obligations. To prepare for the changes ahead while staying on top of the traditional challenges, small business owners must know their financials and financial partners better.
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